Cyprus is expected to have approximately €3.5 billion available for projects over the next three years, President of the Republic Nicos Christodoulides stated on Monday at the Presidential Palace, during his meeting with Lefteris Christoforou, a Member of the European Court of Auditors, as part of discussions on the European Union’s next Multiannual Financial Framework.
President Christodoulides said that the goal is to reach an agreement on the new Multiannual Financial Framework by the end of 2026, adding that, based on current data, the amount allocated to Cyprus may increase.
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“We will have approximately 3.5 billion euros for projects to be carried out in our country over the next three years,” he said, noting that these are projects that will impact and improve citizens’ daily lives.
According to the President, these projects must be fully developed and approved by the Council of Ministers no later than September 2027.
Referring also to the progress of the Recovery and Resilience Fund, President Christodoulides said that, with the installment paid on October 1 and the next one expected in December, Cyprus’s absorption rate stands at 97.3%, one of the highest rates among EU member states.
As he noted, the data refute concerns that had been publicly expressed that Cyprus was lagging behind in the absorption of funds.
The President thanked all the ministries, and in particular the Ministry of Finance, the Secretariat that monitored the implementation of the Plan, the social partners, and the House of Representatives for their cooperation.
“Projects have been completed that will remain in our country—projects that are transforming our country,” he said.
Referring to the role of the European Court of Auditors, President Christodoulides described it as crucial, expressing his confidence that the focus will continue so that “Cyprus does not lose a single euro.”
For his part, Mr. Christoforou noted that Cyprus had achieved its target of absorbing €1.02 billion from the Recovery and Resilience Plan and congratulated the President and the Government, as well as the political parties and government agencies that contributed to achieving this goal.
He also noted that Cyprus had fully absorbed the funds from the previous Multiannual Financial Framework.
Regarding the 2021–2027 Multiannual Financial Framework, he noted that Cyprus has already drawn down €442 million out of a total of €1.3 billion, representing 35%, compared to the European Union average of 29%.
Regarding funds for agriculture and rural development, he said that Cyprus’s absorption rate stands at 45%, compared to an EU average of 25%.
Mr. Christoforou said that the figures demonstrate Cyprus’s effectiveness in utilizing European funds, emphasizing that the money is channeled to society and its citizens.
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Source: CNA
