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 programmes being redirected to where the funds are likely to have more impact for growth and jobs in the shorter term.