Cyprus Mail 19 October 2023 - by Nick Theodoulou
Cyprus has become a net receiver of EU funds, reversing a long-standing position of being an overall contributor, as the country’s EU funding report for 2022 was handed over on Thursday.
Member of the EU’s court of auditors Lefteris Christoforou said that by 2027 Cyprus will have handled €3.930 billion of EU funds.
Presenting the report to House president Annita Demetriou, he said: “Cyprus has ceased to be an equal contributor to the EU… now it receives multiple times more money from the EU.”
Christoforou further praised Cyprus for being a “champion” in terms of absorbing EU funds, explaining that it is beyond 95 per cent and hopes that the island will utilise every euro available.
“Europe is with us and truly provides momentum, development and prospects,” he said, adding that the almost €4bn available in total EU funding will be a game-changing socioeconomic boost for the country.
“It will completely change the landscape,” Christoforou said.
The auditor emphasised that one billion euros comes as part of the EU Recovery and Resilience plan and a further €200m are loans.
For her part, Demetriou said the funds come amid a highly challenging period.
“In a difficult and economically complex period, with all that is happening, we must respond with more Europe, more checks, and more support for the protocols,” she said.
