Cyprus has received a total of €126 million net in funds from the EU for 2023 and is set to gain much more by 2027, Cypriot member of the European Court of Auditors (ECA) Lefteris Christoforou said on Thursday.
Presenting the ECA’s annual report for fiscal year 2023 to the House foreign, finance and audit committees, Christoforou said Cyprus had fully utilised available EU funds, from which it had received a total of €750 million which was 100 per cent of its eligibility.
He added that in the new fiscal framework, Cyprus was 35 per cent higher in absorbing funds than the EU average.
Christoforou praised the interest and commitment of the government, parliament and civil service in utilising the funds to the benefit of the public and financial growth.
He added that Cyprus is now eligible for around €3.2 billion, of which €650 million have already been received and €2.55 billion are still available for the next five years.
These funds, Christoforou said, were “a strong tonic for our country, the Cyprus economy, the Cypriot citizens.”
“Our mission is to make sure that there is full utilisation of the funds,” he said.
Christoforou added that “there can be no wellbeing of European citizens without the full, effective and productive utilisation of EU funds.”
“Every euro of the European taxpayer must be used in the best possible way and in the right direction, to the citizens and for investments in growth.”
