EU: Cyprus ranks first in absorbing European Regional Development Funds

Cyprus ranks first among fellow EU states in absorption of funds from the European Regional Development Fund and sixth when it comes to all European Funds.

This is according to the Annual report of the European Court of Auditors.

European Court of Auditors member Lazaros Lazarou, who presented the report to President Nicos Anastasiades, said Cyprus was on track for full absorption of funds for the period 2014-2020.

Anastasiades noted that proposals submitted must be well prepared to have the maximum contribution from European funds.

Lazarou said the aim of applications for funding infrastructure projects in 2017 was €100 mln but Cyprus exceeded this by 25%.

He said: “If Cyprus continues at this pace, there will be full absorption and Cyprus will be a net beneficiary from the European funds."

The European Court of Auditors carries out financial audits of whether the EU accounts present a true and fair view of the results as well as compliance checks.