Cyprus absorbs 84% of EU funds for 2000-2006

Cyprus has absorbed so far 46,2 million euro from the EU community funds between 2000- 2006.

According to data issued Wednesday by the European Commission, Cyprus has absorbed 84% of the EU funds between 2000-2006, or 46,2 million euro out of the 55,2 million.

The funds come through four Structural Funds – the European Regional Development Fund (ERDF), the European Social Fund (ESF), the European Agriculture Guidance and Guarantee Fund – Guidance (EAGGF-G) and the Financial Instrument for Fisheries Guidance (FIFG).

According to EU Commissioner for Regional Policy, Danuta Huebner, the EU Commission, in an attempt to facilitate member states to absorb as much as possible, has decided to extend the deadline for payment claims by six months, until the end of June 2009.
Thus, by the end of June, Cyprus would have to increase its payment claims to 95%.

As regards the EU Cohesion Fund, Cyprus absorbed by the end of 2008 59% of the funds allocated. The deadline for Cohesion Fund payments is in most cases the end of 2010.

The EU Commissioner announced that more than 38 billion was paid out to member states in 2008 through the European Union's Structural Funds and Cohesion Fund.

This support co-financed thousands of regional development projects across the EU, ranging from major transport, environmental and energy infrastructure to investment in innovative Small and Medium Enterprises and training.

The total funding allocated to the Member States over the period 2007-2013 amounts to 347 billion.

Huebner said she promotes additional advance payments to the EU member states for the period 2007-2013 in the framework of the European Council’s decision to boost European economy.

The additional amount for Cyprus reaches 7,9 million euro, thus increasing Cyprus’ overall advance payments to 24,5 euro for 2009.