Cyprus & World News

Cyprus to receive one billion euro from MFF 2014-2020

03 December, 2013

The Council of the European Union adopted Monday the regulation laying down the EU`s multiannual financial framework (MFF) for 2014-2020. Total financing for Cyprus will reach one billion euro, while 200 million euro will be given for the support of the Cyprus economy outside the MFF framework.

Cyprus will receive 525 million euro from the cohesion policy, 490 million euro from the Agricultural Fund, 200 million euro from funds outside the MFF, and 10,8 million to tackle youth unemployment.
The adoption of the MFF by the Council of the EU follows the European Parliament`s consent of 19 November. Today`s decision marks the end of two and a half years of negotiations and allows the new generation of EU spending programmes to be implemented as from 1 January 2014.

The MFF regulation enables the European Union to spend up to EUR 959.99 billion in commitments and EUR 908.40 billion in payments over the next seven years. This is 3.5% and 3.7% respectively less than under the MFF 2007-2013, ensuring budgetary discipline for the EU and reflecting the particular budgetary pressure that member states currently face at national level.

A strong emphasis is put on expenditure aimed at boosting growth and creating jobs.