Filenews 8 July 2022
The funds for Cyprus from the European Union for the period 2021 - 2027 amount to a total of more than one billion euros, according to data released on Friday by the Commission on the occasion of the announcement of the partnership agreement, the single operational programme and the just transition plan in Nicosia.
These investments concern the economic and social development of the country and the green and digital transitions, in a way that mitigates the impact of changes on the country's economy and society.
In practice, the Partnership Agreement is an agreement between the EU and Cyprus on how to use the investments, and runs in parallel with the programme for the deployment of funds from the European Regional Development Fund (ERDF), the Cohesion Fund, the Just Transition Fund (JTF) and the European Social Fund Plus (ESF+).
The agreement covers the "Thaleia 2021-27" programme of the Republic of Cyprus, which is the one adopted in Nicosia, and the programme for the European Maritime and Aquaculture Fund, and four cross-border cooperation programmes (INTERREG).
In particular, the funds are planned to be allocated as follows:
- About €387 million from the ERDF for the green transition, i.e. investments in energy efficiency, renewable energies and the reduction of carbon dioxide emissions, as well as in the development of the circular economy, biodiversity conservation and adaptation to the effects of climate change (such as floods and fires).
- €147 million (available in Cyprus) for the digital transition, among other things, for the digitization of small and medium-sized enterprises and the connection of national research and innovation systems with businesses.
- €101 million from the JTF in the field of energy transition, including to strengthen energy transmission and distribution systems to enable the use of storage technologies and the transition to renewable energy sources. The plans include the establishment of a "green Technical School" in Nicosia for reskilling and upgrading skills.
- €222 million from the ESF+ will be used for policies related to the labour market, skills development and strengthening social cohesion, including by improving the relevance of education/training to the labour market, restructuring social welfare services and combating social exclusion (€87 million will be spent specifically in this area)
- €38.3 million from the European Maritime and Aquaculture Fund will be invested in promoting sustainable fisheries and the restoration and conservation of aquatic biological resources, sustainable aquaculture, the development of local coastal fishing communities and the implementation of international ocean governance.
