The European Commission has proposed adjustments to its proposal for the 2014 EU budget, to include an additional €200m for Cyprus of which €100m would be given next year to help the island invest in energy efficiency, to support small and medium-sized enterprises and create or maintain jobs that otherwise could be lost.
Financing will be provided through the Structural Funds and the Flexibility Instrument which enables extra funding in clearly identified cases.
The proposal also covers human and financial resources needed for the creation of a new generation of joint technology initiatives (public-private and/or public-public partnerships) which aim at for example providing new and more effective diagnostics and treatments, developing new and competitive bio-based value chains or developing clean energy solutions. These initiatives will be funded from the new Horizon 2020 programme.
“I’m glad to express Europe’s solidarity with Cyprus to mitigate the impact of its painful adjustment through investing €200 million more in its economy,” said EU budget Commissioner Janusz Lewandowski
The Commission’s original proposal for the 2014 EU budget is currently being discussed in the European Parliament following the Council vote on September 2.