Cyprus Leads the EU in Utilization of European Funds

The Republic of Cyprus ranks first in the European Union for the level of European fund utilization among the 27 member states. Lefteris Christoforou, Cyprus' representative to the European Court of Auditors (ECA), presented the annual report to the President of the Republic, Nicos Christodoulides.

"Cyprus is ranked first in utilizing European funds associated with the Social Cohesion Fund, the European Regional Development Fund, the European Social Fund, and the Youth Employment Fund, having utilized 745 million euros from the previous fiscal framework," Lefteris Christoforou said during a meeting in Nicosia.

Christoforou also noted that, to date, Cyprus has received 263 million euros from the Recovery and Resilience Fund, representing 21% of the total amount due. The second, third, and fourth installments—totaling 230 million euros—have already been paid out, and the fifth installment is expected by the end of the year.

The President of the Republic expressed his gratitude to all government departments for their contribution to the effective utilization of EU funds.

"Not a single cent of the EU assistance will be lost," President Nicos Christodoulides assured the press in a brief statement.

The ECA is the European Union's highest audit body, with one member from each EU member state. Its main responsibility is to verify that the EU budget is implemented correctly and that EU funds are spent legally and efficiently.