January 9, 2024
The Ministry of Finance (Directorate General Growth) announces the full and successful absorption of the European Cohesion Policy funds amounting to €880 million, through total public investments of over €1 billion, for the period 2014-2020.
Based on official figures from the European Commission (https://cohesiondata.ec.europa.eu/), Cyprus continues to rank among the top EU countries with a 100% rate of absorption of European Cohesion Fund resources for the programming period 2014-2020, making the most of the funding of programmes that promote growth, employment and social inclusion.
With the support of the European Union, projects and actions that shape the future of the country have been completed and have a positive impact on society and the environment. The economic impact of the Cohesion Funds in Cyprus in the period 2014-2020 is equally remarkable: an increase of 5% in Gross Domestic Product and 24,000 new jobs.
Investments and Projects
Completed projects include, among others, the University of Cyprus Information Centre, the Innovation Centre in the old city of Nicosia, the IT System of the General Health System (GESY), projects to support and promote youth and female entrepreneurship, energy saving projects in homes and businesses, water resources and solid waste management projects, new programmes of study in technical and vocational education and training for the legal profession and young scientists, as well as facilities and services for the social inclusion of vulnerable groups, such as home care for people with disabilities.
Examples of successful projects implemented by local authorities with the support of the EU that have improved the daily lives of residents include, the development of the capital’s benchmarks comprising the Makarios Avenue, Stasikratous and Eleftheria Square Commercial Triangle and the surrounding area, the establishment of the “Zeta Aimilianidou” multi-purpose social care centre and the revitalisation of the centre of Paphos with the restoration of Kennedy and 28 October Squares, the creation of the new Municipal Market and the restoration of the building complex and “Zouhouri” Square in Larnaca, the “Tefkros Anthias” urban mobility project in Ayia Napa and the transformation of the “Garyllis” river into a linear park.
Even greater Investments in the period 2021-2027
After congratulating the competent services that have contributed to the achievement of this goal, the Minister of Finance pointed out that the next challenge, to which the Government is firmly committed, is to ensure the full utilisation of even greater investments under the “THALIA2021-2027” Programme, reaching a total of €1.8 billion for projects and interventions that will promote sustainable growth and social justice.