Business & Economy

EUROPE: Cyprus tops EU leader board for absorption of regional funds

11 January, 2019

For a second year running, Cyprus is ranked first among member states for absorption of the EU Regional Development Fund in 2018 and sixth concerning its take-up capacity from all EU funds.

According to EU data, Cyprus achieved an absorption rate of 46%, followed by Finland with 36% and Luxemburg with 35%.

A Finance Ministry statement said that based on the certified cumulative payments, Cyprus not only achieved full absorption of EU funds but also ranked among those member-states with the best performance in the current Multiannual Financial Framework (2014-2020).

Finance Minister Harris Georgiades expressed his satisfaction and congratulated those involved “for the outstanding job done”.

He also underlined the significance of these funds to secure sustainable growth, noting the government’s readiness to continue efforts towards that end.