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Commission adopts plan to reprogramme €21 million of regional funds for growth and jobs in Cyprus

(26 April 2013)

Commission adopts plan to reprogramme €21 million of regional funds for growth and jobs in Cyprus

The European Commission has today adopted a reprogramming plan that will help promote growth in Cyprus and strengthen the impact of EU regional funds there. The decision to redirect €21 million worth of Regional Funds is intended to help the country deal with the current socio-economic crisis and ensure a quicker delivery of available investments particularly when it comes to supporting small and medium sized business and the employment of young people. This revision was requested by Cyprus earlier this year and has been given added political momentum in the last few weeks The decision will see funds from lesser performing regional policy areas being redirected to where the funds are likely to have more impact for growth and jobs in the shorter term.

 

Commenting on the reprogramming decision, Commissioner for Regional Policy, Johannes Hahn said: "Today’s decision will help Cyprus to weather this crisis and tackle its economic problems by using EU regional funds in the most effective way possible- in areas that will contribute to the countries efforts to boost growth and competitiveness, particularly that of its SMEs. We are working closely with the Cyprus authorities and are in continuous discussion on how EU regional funds can support the country's efforts to emerge out of this crisis."

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