EU to invest over 1 bln euros in Cyprus in 2021-2027

0 Comment(s)Print E-mail Xinhua, July 9, 2022
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NICOSIA, July 8 (Xinhua) - Cyprus and the European Commission on Friday signed agreements in the context of the European Cohesion Fund worth 1.8 billion euros (1.83 billion U.S. dollars) over the 2021-2027 period, an official statement said.

The documents were signed during a visit here by European Commissioner for Cohesion and Reforms Eliza Ferreira, who said that Cyprus will receive about 1 billion euros from the European Union (EU) Cohesion Funds.

The rest of the money, 0.8 billion euros, will be a national contribution, and private businesses are also expected to invest additional funds.

"This a landmark moment in the country's efforts to restructure and evolve its economic and social models," Cyprus President Nicos Anastasiades said at the event he attended with Commissioner Fereira.

He said that investments under the Cohesion Policy's Partnership Agreement and the Just Transition Plan for Cyprus will boost the country's gross domestic product (GDP) by 6 percent and will create 8,500 new jobs.

Anastasiades said that under the investment program more than 120 projects will be implemented, which will reshape the country's economy to make it more robust and competitive.

"The 2021-2027 program should not be seen in isolation, but as complementary and as part of the broader and targeted vision of the government for the legacy it will leave to the next generations," Anastasiades said.

Fereira said that Cyprus was the first EU country to have its Cohesion Policy program approved for access to funds from the European Regional and Development Fund (ERDF), the Cohesion Fund, the Just Transition Fund and the European Social Fund Plus.

She said that the funds provided for investment will be allocated to different areas, ranging from infrastructure to biodiversity, to the support of small companies, innovation, digitalization and renewable energy, which will help Cyprus eliminate its dependence on fossil fuels.

"The support from the EU Cohesion Fund will provide Cyprus with a new stimulus for continued sustainable growth," Commissioner Ferreira said after a private meeting with Anastasiades.

Cyprus had to introduce important legal, social and institutional reforms demanded by the European Commission before it approved the release of funds for the implementation of the island's investment program under the Cohesion Fund, which is aimed at Member States whose Gross National Income (GNI) per inhabitant is less than 90 percent of the EU average. Enditem

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