The University of Cyprus launched a major fundraising campaign on October 21 2003 under the title 'University of Cyprus 2010: Towards European Excellence', with the aim of enhancing its role in society by attracting potential benefactors. This is a first in the history of the University. The campaign aims to attract philanthropic support from affluent members of society in Cyprus and abroad who wish to contribute to the University.
 
The campaign is managed through the 'University Development Office' that reports directly to the Rector of the University, who heads the fundraising activities.
 
Private-sector donations give to the University a degree of financial independence from state funding. Through fundraising the University can develop new programmes of study, take on more research projects, further enhance the University's relationship with local business and society, enrich the island's culture and improve the welfare of students through scholarships, awards and other means of financial assistance.
 
The Campaign had secured benefactors for endowed chairs, for scholarships and fellowships, and support for the development of the new campus
 
The fundraising campaign was guided by a "National Support Committee" (now known as University Development Committee), which acted as a think-tank to form policy on fundraising issues. The commitee included University trustees and corporate leaders from the greater community.