Cyprus is expected to have around €3.5 billion available for projects over the next three years, President Nikos Christodoulides has said.
He was speaking at the Presidential Palace on 5 October, during a meeting with European Court of Auditors member Lefteris Christoforou on the EU’s next Multiannual Financial Framework.
President Christodoulides said the aim was to reach agreement on the new framework by the end of 2026, adding that, based on current indications, funding available to Cyprus could increase.
“We will have around €3.5 billion for projects to be implemented in our country over the next three years,” he said, noting that these would include projects aimed at improving citizens’ daily lives.
The projects, he added, must be mature and approved by the Council of Ministers by September 2027 at the latest.
Referring to Cyprus’ Recovery and Resilience Plan, Christodoulides said the absorption rate is expected to reach 97.3% following the final payment due in December, one of the highest rates among EU member states.
He said the figures disproved earlier concerns that Cyprus was lagging behind in absorbing the funds and thanked the ministries involved, particularly the Finance Ministry, as well as the Secretariat overseeing the Plan, social partners and the House of Representatives.
“Projects have been completed that will leave a lasting legacy and are changing the country,” he said.
Christodoulides also stressed the importance of the European Court of Auditors, expressing confidence that its support would continue to ensure that Cyprus “does not lose a single euro”.
For his part, Christoforou said Cyprus had successfully met the objectives of its €1.02 billion Recovery and Resilience Plan and congratulated the President and the Government, political parties and the public service for their contribution.
He also said Cyprus had fully absorbed the funds available under the previous Multiannual Financial Framework.
Under the 2021-2027 framework, Cyprus has so far drawn €442 million out of a total €1.3 billion, or 35%, compared with an EU average of 29%.
For agricultural and rural development funds, Cyprus’ absorption rate stands at 45%, compared with an EU average of 25%.
Christoforou said the figures demonstrated Cyprus’ effectiveness in making use of EU funds, stressing that the money ultimately benefits society and citizens.
(Source: CNA)
