A new initiative will be launched in Monaghan today aimed at promoting cross-border entrepreneurship on the island of Ireland.

The North-South Business Cooperation Awards are being launched by the Stelios Philanthropic Foundation.

A total prize fund of €500,000 will be awarded to 18 entrepreneurs across nine enterprises, who have started businesses registered in the Republic of Ireland or in Northern Ireland within the past five years and are now involved in cross-border trading.

An event is underway this morning at the Monaghan Peace Campus to mark the launch of the awards, which are being supported by peacebuilding charity Co-operation Ireland.

Applications for the awards are now open with more information available on the Stelios Foundation website.