Cyprus ranks first in the absorption of funds from the European Social Fund in 2018, the ministry of labour said on Saturday.
According to data provided by the European Commission concerning the European Social Fund, Cyprus that absorbed 49 per cent or €56.2m out of a total of € 114.3m, ranks first in relation to the other EU member states in 2018, followed by Luxembourg with 46 per cent and Greece with 41 per cent.
Cyprus, through four national programmes, benefits from the European Structural and Investment Funds (ESIF) funding of €917m. This, according to EC data, represents an average of €1,069 euro per person from the EU budget over the period 2014-2020.
The country’s budget for 2014-2020 is around €1.17 bn.
Funding from the European Social Fund accounted for 11.5 per cent of all the funds that Cyprus received from these European funds.
The European Social Fund is Europe’s main instrument for investing in people as it helps individuals find employment or create businesses, supports disadvantaged groups, improves education and makes public services more efficient.