Nicosia: Cyprus has emerged as a net recipient of 126 million euros from EU funds for the year 2023, with expectations of further increases by 2027. This revelation was made by Lefteris Christoforou, a member of the European Court of Auditors (ECA), during the presentation of the annual report for the financial year 2023 to the Parliamentary Committees on Foreign Affairs, Finance, and Audit.
According to Cyprus News Agency, Christoforou also held a meeting with House President Annita Demetriou, where he elaborated on the role of the ECA as an institutional body and external auditor of EU finances. He emphasized the ECA’s mission as the independent guardian of EU citizens’ financial interests, focusing on enhancing the financial management of EU operations.
In his remarks, Christoforou highlighted that the ECA aims to provide an impartial assessment of the reliability of EU accounts and the legality of its operations, primarily through the ECA’s Annual Report, Special Reports, and Audit Reports.
After meeti
ngs at the House of Representatives, Christoforou addressed the media, noting Cyprus’s leading position in allocations under the previous financial framework for the Cohesion Policy Fund, securing 750 million pounds and achieving a 100% absorption rate. He pointed out that Cyprus’s absorption rate under the new financial framework is 35% higher than the EU average.
Christoforou stressed the ongoing commitment from the President of the Republic, the Government, the Parliament’s Presidency, MPs, and the public service to optimize the absorption of funds for the benefit of Cypriot citizens and the nation’s economic development.
He disclosed that Cyprus is set to receive a total of 3 billion and 193 million euros from the EU, of which 650 million euros have already been received. There remains 2,550 million euros to be utilized over the next five years.
Regarding the European budget, Christoforou noted that the Court of Auditors is actively monitoring the financial management of EU funds. He underscored the im
portance of strong financial management for a robust EU, asserting that each euro from European taxpayers should be effectively used, benefiting citizens and fostering investment and development.
Christoforou concluded by emphasizing that the prosperity of European citizens depends on the full, efficient, and productive use of EU funds.