Projects worth €3.5 billion are expected to be carried out across Cyprus during the EU’s next seven-year funding period, President Nikos Christodoulides said on Saturday, calling on local authorities to prepare projects in time for government approval by September 2027.

Speaking at the inauguration of the revamped traditional centre of Meniko, Christodoulides said around €2.5 billion would come through the EU’s Multiannual Financial Framework for 2028-2034, including cohesion and other funds, with another €1 billion coming from national contributions.

The cabinet will decide which projects will receive funding by September 2027 at the latest, before informing the EU how the money will be allocated.

“It is very important that the projects are at a mature stage,” he told community leaders, urging them to complete planning and licensing procedures in advance.

Speaking to journalists later, Christodoulides said he had discussed the EU’s next long-term budget with European Council President Antonio Costa on Friday, describing it, alongside the Cyprus problem, as one of the most important issues raised during their meeting.

The aim, he said, was for a political decision on the various EU funds to be reached by the end of 2026.

“Over the next seven years, projects worth €3.5 billion will be carried out,” he said, adding that these would upgrade communities and cities and, most importantly, improve people’s daily lives.

Christodoulides was in Meniko to inaugurate the approximately €1 million redevelopment of the area surrounding the church of Ayioi Kyprianos and Ioustinis.

The project, implemented by the Nicosia district administration with EU co-financing through the Rural Development Programme, began in October 2023 and was completed in April 2025. It included interventions aimed at improving accessibility, safety and the overall character of the traditional centre.

The president said projects worth €1.57 million had either been implemented or promoted in Meniko between 2023 and 2026.

These include a €401,000 upgrade of the Meniko-Kato Moni road, around €165,000 in improvements and maintenance of the community road network, work on rural roads, an upgrade of the community park and planned reconstruction of pavements along Ayios Kyprianos street.

Christodoulides also responded to requests raised by the community, saying funding for the cemetery would be included in the 2027 budget.

He later told journalists that the latest Morningstar DBRS decision to affirm Cyprus’ ‘A’ rating and raise its outlook from stable to positive was further evidence of the country’s economic performance.

Christodoulides said supporting rural communities was part of a broader strategy encompassing housing, infrastructure, local businesses and the preservation of cultural heritage.

He pointed to the pressure of housing costs in urban centres, saying Meniko and surrounding communities could provide an alternative for young couples looking to build homes.

Across the Nicosia district, he said projects worth more than €5.7 million had been carried out over the previous two years, while almost €4 million had already been budgeted for further projects through the middle of 2027.

The challenge now, he said, was ensuring communities had projects ready in time to take advantage of the funding available from 2028.

“The only thing I ask is that we work together so that the projects mature,” he said.