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Cyprus among top five in absorbing EU funds

European Flags flutter outside the EU Commission headquarters

Cyprus ranked among the top five EU member states in absorbing cohesion funds, the finance ministry said on Wednesday citing the latest European Commission figures.

It said the funds aim to finance entrepreneurship, jobs, energy, information technology, research and innovation, the environment, transport, urban development and boosting social cohesion.

“Within this framework, Cyprus has promoted a large number of projects, fully tapping the European Union’s development funds for economic and social progress and also to achieve the strategic development aspirations of our country,” it said.

Cohesion policies also contributed significantly to combating the consequences of the current pandemic by financing actions in health, jobs, and support for small and medium sized enterprises, it added.

The finance minister congratulated the relevant departments for the excellent work which has led to the decisive contribution of these funds to the state’s development policies. The challenge now is the effective implementation of the recovery and resilience plan Cyprus of tomorrow, he concluded.

According to the Commission’s data, Cyprus ranked third in absorbing financing from the European Social Fund over 2014 to 2020 at some 70.2 per cent after Ireland (98 per cent) and Greece (78 per cent). Making up the top five were Estonia and Lithuania. The average for the EU was just under 60 per cent.

The worst performers were Malta, Luxembourg and Croatia.

Cyprus ranked fourth as regards the European Regional Development Fund (2014-2020) with 7.2 per cent, with the EU average again just under 60 per cent.

Ireland and Greece (91 and 78 per cent respectively) were again the top performers, with Luxembourg coming in third, marginally ahead of Cyprus with 73 per cent.  Poland was fifth while laggards of the group were the Netherlands, Slovakia, and Denmark.

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