Cyprus plans €3.5 billion in projects under next EU funding period

Meniko, Cyprus. Projects worth €3.5 billion are expected to be carried out across Cyprus during the European Union’s 2028-2034 funding period, President Nikos Christodoulides said on Saturday.

He called on local authorities to complete planning and licensing procedures so projects can be ready for government approval by September 2027.

Funding framework

Speaking at the inauguration of Meniko’s revamped traditional centre, Christodoulides said about €2.5 billion would be available through the EU’s Multiannual Financial Framework for 2028-2034, including cohesion and other funds.

A further €1 billion would come from national contributions, bringing the expected total value of projects to €3.5 billion.

The cabinet is due to decide which projects will receive funding by September 2027 at the latest, before Cyprus informs the EU how the funds will be allocated.

EU budget discussions

Christodoulides said he discussed the EU’s next long-term budget with European Council President Antonio Costa on Friday.

He described the budget, along with the Cyprus problem, as one of the most important issues discussed during their meeting. The aim is for a political decision on the various EU funds to be reached by the end of 2026.

The projects planned over the seven-year period would upgrade communities and cities and improve people’s daily lives, he said.

Meniko redevelopment

The president inaugurated the approximately €1 million redevelopment of the area around the church of Ayioi Kyprianos and Ioustinis in Meniko.

The project was implemented by the Nicosia district administration with EU co-financing through the Rural Development Programme. It began in October 2023 and was completed in April 2025.

The works included interventions to improve accessibility, safety and the overall character of the traditional centre.

Christodoulides said projects worth €1.57 million had either been implemented or promoted in Meniko between 2023 and 2026.