Cyprus expects €3.5bn in EU budget-linked projects for 2028-2034

Nicosia, Cyprus. Cyprus is expected to account for €3.5 billion from the European Union’s 2028-2034 multiannual financial framework, President Nikos Christodoulides said on Friday. He said projects worth the same amount would be carried out across the island during the seven-year period.

Budget negotiations

Christodoulides said his meeting with European Council President Antonio Costa, who visited Cyprus earlier on Friday, largely focused on budget matters.

The EU’s multiannual financial framework covers the period from 2028 to 2034. Christodoulides said negotiations were in their final stage, with the aim of reaching a political agreement by the end of the year.

Based on current data, Cyprus is expected to receive about €2.5 billion, in addition to €1 billion representing the Republic of Cyprus’ contribution, he said.

Project proposals

Christodoulides said the cabinet would decide within 2027 on projects worth €3.5 billion to be announced throughout free Cyprus. He called on villages to submit proposals for projects that could be undertaken.

The government places particular emphasis on rural areas and on preparing projects so they can be approved in 2027, he said.

EU timetable

Irish European Affairs Minister Thomas Byrne said on Thursday that he was “absolutely confident” an agreement would be reached by the end of the year. Ireland holds the rotating presidency of the Council of the EU during the second half of the year.

Byrne said an agreement was needed to ensure funding was in place by January 1, 2028, warning that failure to conclude negotiations this year would leave insufficient time to complete the legislation required to implement the budget.

European Budget Commissioner Piotr Serafin said member states had begun engaging seriously in the negotiations, describing this as a positive sign. He said he was optimistic, while noting that even a strong presidency could not resolve the process without member-state engagement.

It is widely understood that the EU and its 27 member states seek to conclude the agreement before elections next year in France and Poland, amid concerns that possible far-right victories in both countries could disrupt the negotiations.