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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 (PIM) 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 with a capital cost of €2.000.000 or more (incl. VAT). The same procedure applies for the projects proposed for co-financing under the European Structure and Investment Funds (ESIF) for the programming period 2021-2017. Projects with capital cost of less than €2.000.000 (incl. VAT) are excluded from this procedure, unless this is considered appropriate by the Minister of Finance.

The Project Concept Note is a tool assisting in making preliminary decisions and should be submitted by order of priority to DG EPCD and the Ministry of Finance, through the Strategic Units of Line Ministries.

In summary, the Project Concept Note includes information on the following aspects of the proposed project:
      1. Administrative Information
        2. Project Rationale and Assessment of Needs
            • Intervention Logic
            • Needs Assessment
            • Strategic Relevance
          3. Preliminary Economic Case and Options Analysis
              • Project Cost
              • Project Benefits
              • Economic Viability
          4. Affordability
          5. Implementation Arrangements and Potential Constraints
          6. Environmental and Sustainability issues
          7. Further consultations

      The Project Concept Note template and the respective Guide for its completion are attached below.
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      Directorate General for European Programmes, Coordination and Development