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Republic of Cyprus
Project Concept Note (PCN)

The Fiscal Responsibility and Budget System Law (FRBSL) defines five key stages in the Public Investment Management (PIB) process. The first stage concerns the pre-selection of projects, a process in which a preliminary and overall evaluation of the project's strategic relevance, economic affordability and viability is carried out. In order to implement the pre-selection procedure, economic entities prepare a "Project Concept Note" for each public investment project they propose to implement at a cost of more than €500,000.

The Project Concept Note is a tool assisting in making preliminary decisions and should not be treated as an administrative task. The information provided in the Project Concept Note should be the outcome of departmental discussion and analysis, debate and consensus. There are two types of Project Concept Note Templates (1) for economically significant projects (estimated capital cost of € 5.0 million and more) and (2) for non-economically significant projects (estimated capital costs of € 0.5 million and more and less than € 5.0 € million).

Both Project Concept Note templates (in Greek) and the respective Guide for their completion are attached below.

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Directorate General for European Programmes, Coordination and Development