Cyprus ranks high in absorption rates from programmes funded by the European Structural and investment Funds

Cyprus is amongst the first countries of the EU as far as absorption rates from the programmes funded by the European Structural and investment funds, said Deputy Government Spokeswoman Klelia Vasiliou, speaking after the cabinet meeting.

She said that the cabinet was briefed on the programmes for the period 2014-2920.

Vasiliou said that on January 4, 2019, the Regional Policy Directorate General of the European Commission informed the Directorate General for European Programmes, Coordination and Development that Cyprus had once again achieved excellent results as it was first amongst the 28 EU countries in absorbing 46% of the funds allocated by the European Regional Development fund.

She also said that Cyprus also ranked first in the European Social Fund with a 50% absorption rate.

It also ranked third in the Cohesion Fund with a 33% absorption rate. Cyprus had ranked 10th in this fund in 2017.

To achieve these high ranks, special efforts were made by all interested parties, she said, such as choosing projects that had reached maturity stage, expediting procedures to issue permits for projects that are part of the programme and lifting obstacles and implementing simplified methods to calculate costs.

Source: Cyprus News Agency