CYPRUS: Receiving more funds from EU competitive programmes a priority

Increasing Cyprus’ capacity to absorb more funds from the pool of EU competitive programmes is a top priority, as this would Improve the island’s growth prospects, Minister of Finance Harris Georgiades said.

Addressing an event co-hosted by the EU Commission representation to Cyprus and Directorate General for European Programmes, Coordination and Development, Georgiades said the absorption of more funds became a necessity following the financial slump of 2009 – 2014, which wiped out almost 11% of Cyprus’ GDP.

He was satisfied that Cyprus was above the EU average for its absorption rate of 25% from EU co-funded programmes which are earmarked for each member-state, while Nicosia is on track to achieve its target to absorb a total of €300 mln for the period 2014-2020, as €171 mln has already been disbursed.

However, Georgiades said that more needs to be done as an increase in the capacity to absorb more funds from the EU competitive programmes would improve Cyprus’ position in the EU between contributing and receiving states.

“I believe we could achieve more. We should step up our cooperation and that in this way we could amplify growth prospects.”

Ierotheos Papadopoulos, head of the EU Representation to Cyprus expressed hope that Cyprus would achieve its ambitious target of absorbing €300 million from EU competitive funds for the period of 2014-2020.

He said Cyprus ranks high concerning the absorption of EU co-funded funds, as it absorbed 25% of the total funds earmarked for the current period amounting to €1.3 bln.