articles | 10 November 2015

Cyprus becomes net recipient of EU funds

Cyprus will receive a total of €1.3 billion in EU funds for the programme period of 2014-2020, rendering the island a net recipient for the first time since its accession in 2004, it was announced recently.

The EU Court of Auditors (ECA) presented its report on the 2014 budget in Brussels, marking the commencement of the new 2014-2020 Multiannual Financial Framework (MFF).

According to data, the Cyprus News Agency said, the ratio of EU funding per citizen in Cyprus amounts to €1,560 compared with the EU average of €1,500.

The amount will be distributed during the 2014-2020 MFF, to the country’s various policy folders like Cohesion Policy, Common Agricultural Policy Pillar and Maritime Policy and Fisheries.

“Under the 2007-2013 MFF, Cyprus’ contribution to the EU budget in 2013 amounted to €160 million, which corresponds to 0.12% of the total EU own resources. However following a Gross National Product revision in 2014, Cyprus will pay an additional €54 million by the end of 2015. Cyprus, along with the Netherlands, had the highest revision in their contribution to the EU budget in 2014 that amounted to an increase of 41%,” the CNA said.

According to the European Commission’s figures, Cyprus’ absorption capacity by October 2015 reached 90%, slightly over the EU-average of 87%. Furthermore, in the ECA’s 2014 audit, Cyprus’ electronic public procurement system has been considered as a best-practises example.

Source: Cyprus Mail

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