The European Commission signed a “Partnership Agreement” with Cyprus, summarizing the strategy for the optimal use of European Structural and Investment Funds, a development expected to encourage the island’s economic growth.
This Agreement is considered to pave the way for investing €735.6 million in Cohesion Policy funding for the period 2014-2020 and €132.2 million aimed at rural development.
Furthermore, in order to promote the fisheries and maritime sector, Cyprus will receive €40 million from the European Maritime and Fisheries Fund (EMFF). The EU investments will support the Cypriot economy in emerging from the crisis and stimulate economic activity. This effort is expected to be used as an added weapon against unemployment and strengthen competitiveness and economic growth through support to entrepreneurship, innovation, training and education.
The European Structural and Investment Funds (ESIF), include the following:
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- The European Regional Development Fund
- The European Social Fund
- The Cohesion Fund
- The European Maritime and Fisheries Fund
- The European Agricultural Fund for Rural Development
The European Commission has received all Partnership Agreements and their implementation will follow the consultation process.