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ECONOMY

Cyprus Tops the List of EU Member States Concerning Absorption of EU Regional Development Funds

Cyprus Tops the List of EU Member States Concerning Absorption of EU Regional Development Funds

Cyprus’ absorption capacity of EU Regional Development exceeded the EU average, Government Spokesman Prodromos Prodromou has said.

Prodromou said that Cypriot member of the EU Court of Auditors Lazaros Lazarou presented the court’s annual report, noting that Lazarou said that Cyprus toped the list of with an absorption rate of 50% compared with the EU average of 29%, the CNA reports.

Therefore, the Spokesman added, it seems that Cyprus will achieve full absorption with the end of the EU multiannual financial framework in 2020.

Prodromou said that the government’s priority, as the President of the Republic has highlighted, is along the economic growth to proceed with reforms that would improve the lives our fellow citizens.

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