Cyprus leading Europe in absorbing EU funds

Cyprus must achieve the absorption of €960 million in grants and €260 million in loans from the EU, European Council of Auditors member Lefteris Christoforou said on Tuesday after a meeting with President Nikos Christodoulides.

Christoforou thanked the president for the “important, constructive, beneficial and productive” discussion, saying that the council had discussed EU funds for Cyprus.

“We found that there was a will and determination from the president to claim and absorb the funds that will be provided to us through the Recovery and Resilience Plan,” he said.

He highlighted how important it is that Cyprus claims the full €960 million in grants from the EU through the recovery mechanism, along with another €260 million in loans, which it is entitled to and can benefit Cypriot society and the economy.

“We had an in-depth discussion on the Republic’s success in absorbing all the funds,” he said, stressing that Cyprus is among the first four EU countries that managed to have the highest level of absorption for the previous EU fiscal framework.

“We hope that even in the new fiscal framework, Cyprus will once again play a leading role,” he added.

Christoforou expressed satisfaction over President Christodoulides’ support of the work and efforts of the European Court of Auditors, saying that “we will try everything in our power, so that Cyprus can, within [the council of auditors’] operating rules, proceed with the proper utilisation of all EU funds”.