EP to prolong ‘Juncker Plan’, as Cyprus ranks second last

MEPs will vote 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.

It is noted that European Commission Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen said last week that Cyprus must work more to benefit from Europe’s investment plans.

Addressing an event in Nicosia at a televised message, the EU Commissioner said that Cyprus is the second last EU country benefiting from the European Fund For Strategic Investments as percentage of its GDP.

‘There is therefore room for further exploiting its benefits’ he said, noting that many sectors in Cyprus can benefit from the Fund, such as tourism, energy, renewable energy, as well as research development and innovation.

‘I invite you to come up with good projects and present them to the European Investment Bank’ he told participants at the event.

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