Cyprus aiming for full absorption of EU funds

Finance Minister Constantinos Petrides said Cyprus wants to achieve an absorption of 100% of the maximum of €968 million it could receive from the European structural and investment funds, but this requires that Cyprus invests in projects amounting to €1.8 billion.

Presenting plans for public investments a press conference entitled ‘Cohesion Policy - European Structural Funds 2021-2027’, Petrides said planning was based on proposals of Ministries and other bodies that were in line with EU regulations and specific Commission recommendations for Cyprus, while priority has been granted on the basis of necessity, maturity and available resources.

Petrides said Cyprus wants, but also deserves, to absorb the maximum possible amount. “It is money of the Cypriot taxpayer, Cyprus contributes to these European funds to be entitled to receive them.”

Specifically, Cyprus can receive a maximum of €467 million from the European Regional Development Fund (ERDF), €222 million from the European Social Fund (ESF), a maximum of €178 million from the Cohesion Fund and €101 million from the Just Transition Fund.

The absorption of these funds will see investments budgeted at €1.8 billion, to be distributed as follows: €100 million for the support of businesses, €130 million for research and development programs, €85 million for digitization projects, €143 million for energy upgrading projects, €83 million for waste reduction and recycling projects, €195 million for water and sanitation projects, €120 million for urban mobility projects, €20 million for biodiversity protection projects, €167 million for just transition projects on alternative energy sources, €94 million on projects working toward a more interconnected Europe, €144 million for employment, €103 million for education and training, €177 million for social inclusion and the fight against poverty, and €160 million for local government projects.