articles | 08 July 2022

Cyprus to get €1 billion in EU stimulus funds

Commissioner Elisa Ferreira said on Thursday that Cyprus is the first EU state to have its Cohesion Policy programme approved for access to €1 billion in regional development and cohesion funds.

Financial support from the EU Cohesion Funds will provide Cyprus with a new stimulus for continued sustainable growth.

Cohesion and Reforms Commissioner Ferreira is in Cyprus for the approval of the Cohesion Policy’s Partnership Agreement, the operational programme and the Just Transition Plan.

The EU funds allocated to Cyprus for 2021 – 2027 amount to about €1 billion, accompanied by national funds amounting to €800 million.

“Cyprus has a very good performance in terms of the use of these funds, and we think this new period will give again to Cyprus a good stimulus in getting more free from its dependence on fossil fuels.

“To have development more based on the use of digital and innovation technologies and in fact to make the best use of these funds for the continued, sustainable, growth and development of the Republic of Cyprus”, Ferreira said after meeting President Nicos Anastasiades.

She said Cyprus would receive about €1 billion with funding from the Cohesion Policy.

“It is allocated to different areas from infrastructure, biodiversity support, small companies support, innovation, digitalisation and renewable energy on which you can make a huge progress in getting free of dependence on fossil fuels and this is a benefit for everybody.”

Source: Financial Mirror

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