Outstanding work in absorbing EU funds, next challenge the implementation of the Recovery Plan, FinMin says

Cyprus Finance Minister Constantinos welcomed the “outstanding work” done by the Cypriot authorities placing Cyprus among the top EU countries in absorbing EU funds, stressing that the next challenge is the effective implementation of the €1.2-billion National Recovery and Resilience Plan.

A press release issued by the Finance Ministry says that according to EU Commission data, Cyprus is placed among the top spots among the EU member-states concerning the absorption of funds of the Cohesion Policy funds.

According to the current data on Cohesion Policy, Cyprus ranks 1st as regards absorption of European Social Fund and 2nd in the European Regional Development Fund.

These funds are allocated in the fields of entrepreneurship, employment, energy, information technology, research and innovation, the environment, transport, urban development, education and strengthening of social cohesion.

In this context Cyprus has promoted a great number of projects, fully utilising the EU’s development funds, to foster progress in the economy, the society and to achieve the country’s strategic targets, the Finance Ministry said, noting that Cohesion Police Funds were of vital importance in combating the effects of the Covid pandemic through financing actions in the fields of health, employment and support for SMEs.

Finance Minister Constantinos Petrides welcomed the “outstanding work” done by the state services, stressing that the next challenge is the effective implementation of Cyprus’ National Recovery and Resilience Plan “Cyprus Tomorrow” amounting to €1.2 billion to be disbursed in the period of 2021 – 2026.

Towards that end, Petrides called on all stakeholders for an effective utilisation of the EU funds which decisively contribute to the state’s economic growth policy, the press release said.

Source: Cyprus News Agency