Cyprus financing under Juncker Plan at Euros 45 mln, EP votes for its prolongation

As of November 2017 the total financing under the European Fund for Strategic Investments (EFSI) in Cyprus amounts to Euros 45 million and is set to trigger Euros 81 million in additional investments, the European Commission says. The EFSI was prolonged today until 2020.

The European Commission, through its Vice President Jurki Katainen had called upon Cyprus to work more to benefit from the EFSI, since it ranks second to last among the EU states. He also said that many sectors in Cyprus can benefit from the Fund, such as tourism, energy, renewable energy, as well as research development and innovation.

The European Parliament voted today on the prolongation until 2020 of the European Fund for Strategic Investment, in order to finance more projects that promise the best economic and social returns in the EU member states.

EFSI, also known as the Juncker Plan, aims to mobilise Euros 500 billion to redress market failures and investment gaps, by funding innovative projects with a high-risk profile which would not otherwise be supported. According to the agreement between the Parliament and the member states, investments should also foster job creation, particularly for young people and economically weaker EU regions.

The EFSI, implemented by European Investment Bank, was established in 2015 for an initial period of 3 years, with the aim of mobilising at least Euros 315 billion of investments in the real economy. The European Commission proposed to extend the fund’s duration until the end of the EU’s current Multiannual Financial Framework (MFF) in December 2020, with a view to reaching an investment target of Euros 500 billion.

Source: Cyprus News Agency