Cyprus for a second year ranked first among the EU member state regarding the absorption of EU Regional Development Fund in 2018 and sixth concerning its absorption 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 press release issued by the Finance Ministry says that based on the certified cumulative payments, Cyprus not only achieved full absorption of EU funds but also is ranked among the member-states with the best performance in the current Multiannual Financial Framework (2014-2020).
Harris Georgiades, Cyprus’ Finance Minister expressed satisfaction and congratulated the competent authorities “for the outstanding job done,” the Finance Ministry said.
He also underlined the significance of these funds to secure sustainable growth, noting the government’s and the competent services’ readiness to continue efforts towards that end, the Finance Ministry added.