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Extra EU funds for Cyprus

Cypriot Commissioner-designate Christos Stylianides

Cyprus got approval this week for an additional €100 million to be made available in 2014 as part of EU funds, the government spokesman said.

Christos Stylianides said the money will go towards infrastructure projects and to address unemployment.

The additional support – with another €100 million coming in 2015 – is part of additional financial support secured for the EU Cohesion policy. European Parliament had approved in late October, subject to endorsement by the European Council.

Cyprus – which had been a net contributor to EU funds before this year – had made an argument for claiming an extra €200 million because of the debt crisis.

It also expects to get more EU funding for the 2014-2020 budgets, which should come to some €874 million, most of which authorities have said will be used to encourage growth.

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