Cyprus to receive 20 million euro from EU recovery plan

The European Commission proposed on Wednesday the allocation of 20 million euro to Cyprus and Malta as part of a 5 billion euro investment in the EU’s energy, internet broadband infrastructure and Common Agricultural Policy (CAP).
The investment is a part of the EU recovery plan endorsed by the European Council in December 2008 and covers the years 2009-2010.

Cyprus and Malta will be allocated 20 million euro for the implementation of local energy projects while they will participate in the EU funding for high-speed internet and the CAP.

The Commission has proposed the allocation of €1.75 billion for gas and electricity interconnectors, €500 million for offshore wind projects and €1.25 billion for carbon capture and storage projects across the EU.

It is also proposing a €1 billion investment extending and upgrading broadband internet in rural communities. The EU is aiming for 100 per cent broadband access by 2010, but currently around 30 per cent of its rural population lacks broadband access.

A further €500 million has been proposed to tackle new challenges identified in a “health check” of the Common Agricultural Policy, including climate change, renewable energy and water management.

Presenting the package, Commission President Jose Manuel Barroso commented ''the EU’s recovery plan is all about smart investment – a short-term stimulus targeted on long-term goals.''

“That is exactly what the Commission has adopted today: a list of specific projects to direct €5 billion of unspent money from the EU budget to build a stronger Europe for the long term,'' he added.