Cyprus will need to have its projects ready and approved by the Council of Ministers no later than September 2027 to make use of the funding expected over the coming three years, President of the Republic Nikos Christodoulides said on Monday. He was speaking at the Presidential Palace during a meeting with Lefteris Christoforou, Member of the European Court of Auditors, held in the context of discussions on the European Union's next Multiannual Financial Framework.
The President said the amount available to Cyprus could increase, based on current data.
Funding for the next three years
President Christodoulides said the aim is to reach agreement on the new Multiannual Financial Framework by the end of 2026.
"We will have around 3.5 billion euros for projects to be carried out in our country over the next three years," he said, noting that these are projects that will affect and improve citizens' daily lives.
According to the President, the projects must be mature and approved by the Council of Ministers by September 2027 at the latest.
Recovery and Resilience Facility absorption
Referring to the progress of the Recovery and Resilience Facility, President Christodoulides said that, with the instalment paid on 1 October and the next one expected in December, Cyprus's absorption rate stands at 97.3%, one of the highest among EU member states.
He said the figures disprove concerns expressed publicly that Cyprus had fallen behind in absorbing the funds.
The President thanked all ministries, in particular the Ministry of Finance, the Secretariat that monitored the implementation of the Plan, the social partners and the House of Representatives for their cooperation.
"Projects were carried out that will remain in our country. Projects that are changing our country," he said.
Describing the role of the European Court of Auditors as crucial, President Christodoulides expressed confidence that its interest would continue so that "Cyprus does not lose a single euro".
European Court of Auditors figures
Mr Christoforou said Cyprus had achieved its target of absorbing €1.02 billion from the Recovery and Resilience Plan, congratulating the President and the government, as well as the political forces and state services that contributed to reaching the target.
He added that Cyprus had achieved full absorption of the funds from the previous Multiannual Financial Framework.
Regarding the 2021-2027 Multiannual Financial Framework, he said Cyprus has already drawn €442 million out of a total of €1.3 billion, or 35%, compared with an EU average of 29%.
Agriculture and rural development funds
On funds for agriculture and rural development, Mr Christoforou said Cyprus's absorption rate stands at 45%, against an EU average of 25%.
He said the figures demonstrate Cyprus's effectiveness in using European funds, stressing that the money is being channelled to society and to citizens.
Source: CNA
