Commission welcomes adoption of proposal on maintaining co-financing rate of 85% for Cyprus

The European Commission welcomed today a vote in the European Parliament in favour of the Commissions proposal, agreed by the 28 Member States, to maintain the EU co-financing rate of 85% for Cohesion Policy funds for Cyprus and to extend the “top-up” mechanism, which will benefit Greece.

The Council will now formally approve the amended Regulation, which will enter into force following its publication in the EU Official Journal.

Commissioner for Regional Policy Corina Cre?u, who pressed for this policy over the last years, said in Brussels: “I am very glad that both co-legislators have now backed our proposal.

Source: Cyprus News Agency