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Republic of Cyprus
Project Appraisal Report

A feasibility study is the core analytical document for project appraisal. This must be supported by technical studies and impact assessments (usually annexed to the feasibility study). A feasibility study is required for Projects with capital cost of €15.000.000 (incl. VAT) or more.

A feasibility study is too detailed a document for decision-makers. Thus, a high-level Project Appraisal Report must also be prepared. This will be based on the executive summary of the feasibility study and must be responsive to the criteria listed in the Manual. The Project Appraisal Report must contain a clear recommendation on whether to proceed with the implementation of the project, justified on the basis of the feasibility study findings as summarised in the Appraisal Summary Table. A template for a Project Appraisal Report is presented as Annex 6 to the Manual and it is attached below.

Economic Entities can submit their completed Project Appraisal Reports (including Feasibility Studies) to DG EPCD at any time following the pre-selection of the project. Raw data and worksheets (excel files etc) used to calculate the various parameters of the Feasibility Study, must be submitted in electronic form, in order to enable the review of assumptions and calculations by the DG EPCD. The DG EPCD and the MoF BD will complete the review of the Project Appraisal Report in time for Economic Entities to include projects that have passed the appraisal stage successfully as a new policy proposal in the Reconciliation Process. No new Project Appraisal Reports can be considered during the Reconciliation Process.
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Directorate General Growth, Ministry of Finance