Cyprus expects €3.5 billion in EU funding for development projects
President Nikos Christodoulides said Cyprus expects €3.5 billion in EU development funding as negotiations continue on the bloc’s 2028-2034 budget framework.
Nicosia, Cyprus. Cyprus expects to have approximately €3.5 billion in EU funds available for development projects over the coming years, President Nikos Christodoulides said on Monday. Speaking after a meeting with European Court of Auditors member Lefteris Christoforou, he said the projects would improve people’s daily lives.
Next EU budget framework
The meeting focused on the 2028-2034 multiannual financial framework (MFF), the EU’s long-term spending plan, which sets maximum annual budget limits and policy priorities for periods typically lasting seven years.
The next MFF cycle is currently being negotiated at EU level. Christodoulides said the proposed Cyprus-related projects for the 2028-2034 framework were expected to receive cabinet approval by September 2027 at the latest.
Current allocations and absorption rates
For the 2021-2027 cycle, Cyprus secured a total national allocation of approximately €2.7 billion, comprising €1.5 billion under the MFF and €1.2 billion from the Next Generation EU package.
Cyprus’ current fund absorption rate stands at 18.8 per cent, above the EU average of 14 per cent.
For the Recovery and Resilience Facility (RRF), the absorption rate is close to 50 per cent, compared with an EU average of 56 per cent.
Christoforou said the figures demonstrated Cyprus’ efficient use of EU funds, which are directed towards “society and people”.
Latest recovery funding payment
In an earlier written statement, Christodoulides said Cyprus received another €119 million under the RRF last week.
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