Nicosia has absorbed 80% of EU funds

The Cypriot member of the European Court of Auditors, Lazaros Lazarou said on Thursday that Cyprus had used 80% of its European funds for the program period of 2014-2020, adding that between 2004, when the country became a full EU member state, until the end of 2021, Cyprus was a net recipient of approximately 461 million euros.

The ECA member was speaking at the presentation of his 2021 annual report to the Cypriot Parliament.

Lazarou, whose term in office ends on November 1, said Cyprus is doing very well in terms of absorption of funds, adding that until end-September the absorption rate reached around 80% for the previous program period of 2014-2020. He pointed out that there is room for further absorption of funds until the end of 2023 for that particular period.

In 2021, he said, Cyprus was a net recipient of around €133 million of the EU budget. For the 2021-2027 period, Cyprus will receive a total of €2.9 billion.

Lazarou pointed out that every year there is a variation as to whether a country is a contributor or a recipient, as “some years we are net contributors and some years net recipients.”