Press Releases

A contract for the development of an Enterprise Resource Planning System for the Public Sector was signed on November 7, 2018, at the Treasury of the Republic of Cyprus.

The contract was signed by the Accountant General of the Republic of Cyprus, Ms Rea Georgiou, on behalf of the Government, and by Mr Nisbet Derren, Managing Director in the United Kingdom and Ireland of the contracting authority Unit4 Business Software Limited, in the presence of the Minister of Finance, Mr Harris Georgiades.

“The reform of financial management in the public sector through the development of cutting-edge technology becomes a reality today. We expect that the enterprise resource planning system, which is an innovative project and will be implemented horizontally in the public sector, will bring benefits in the decision-making process, in better servicing the citizens, and in the promotion of accountability and transparency in the public sector”, said Ms Georgiou.

This is the first time that an information system of such scale is being promoted in public financial management area.  The core part of the project is expected to be completed within three years from the date of the contract signature.

The system will have the operating capability to support all ministries, departments and independent services of the public sector in Cyprus on the fields of accounting, payroll, pensions, budgeting and human resource management.

The most prominent benefits from the deployment of the enterprise resource planning system in the public sector are:

•  Redesign of the public services with the elimination of manual tasks.
• Automation of the procedures for approving expenditure, invoicing, budgeting and similar procedures.
• Better human resource management..
• Information for better resource allocation.
• Processing of information with the implementation of accrual basis of accounting (contract management, asset management etc.)

The contractual cost for the implementation, installation and deployment of the enterprise resource planning system is €24,2 million, with having the possibility of extending the contract for additional work amounting to €9,7 million.