Cyprus has fully utilised the EU funds from the Multiannual Financial Framework 2014-2020, Cypriot Member of the European Court of Auditors, Lefteris Christoforou has said, adding that Cyprus is a net receiver of funds while for the period 2021-2027 the country is above the EU average as regards fund absorption.
Christoforou, who submitted the annual report of the EU auditors for 2024 to House Speaker Annita Demetriou said that for the 2021-2027 Financial Framework, Cyprus is above the average absorption of funds compared to the other EU countries.
“Cyprus is currently at 18.8% while the EU is at 14%,” he said, adding that “255 million euros have already been absorbed” and “another huge amount of around one billion remains to be absorbed from the Multiannual Financial Framework.”
He also said that Cyprus has managed to be a net recipient of funds, adding that this proves “the proper organisation, the good work and the success that Cyprus has in this sector”.
Furthermore, he noted that over the last four years, Cyprus has managed to have net income from EU funds of 1.28 billion euros.
“By 2027 and due to the two-year extension of the Financial Framework (2021 – 2027) Cyprus will have absorbed another one billion, six hundred and fifty million euros, which will be allocated for the benefit of Cypriot citizens, society and the economy”, he concluded.
Receiving the report, the House Speaker said she was proud of Cyprus' results, adding that Cyprus is one of the first countries to ensure the absorption "to such a satisfactory extent of EU funds".
This, Demetriou noted, is of great help especially as regards priority areas that have been set by both the Government and Parliament.
(Source: CNA)
