The cabinet has approved a bill aiming at introducing social enterprise in Cyprus, which has €3.1m in funding from the European Social Fund, Interior Minister Constantinos Petrides announced on Thursday.

In a press conference, the minister said the idea of social enterprise is a new way of business aimed at offering goods and services to the market in a bid to serve social or environmental goals.

According to Petrides, this will create new jobs, reduce social exclusion of vulnerable groups, introduce high-quality services with a social angle and lay the groundwork for social innovation.

As reported in Cyprus Mail.