Cyprus has received €1.28 billion in net EU funding over the past four years, money directed to society, the economy and development, said European Court of Auditors (ECA) member Lefteris Christoforou. Presenting the ECA’s 2024 report to three Parliamentary Committees, he added that Cyprus had no audit findings in the Recovery and Resilience Facility (RRF), indicating effective management across all national authorities.

>>EU Commission to Cyprus: Momentum Is Not Enough — Speed Up RRF Delivery<<

For 2024 alone, Cyprus received €245 million in net EU revenues. The country also achieved almost full absorption (98.2%) of the 2014–2020 Multiannual Financial Framework (MFF) and is performing above the EU average in the 2021–2027 period.

Christoforou noted that €652 million from the RRF and €1 billion from the 2021–2027 MFF remain to be absorbed. He stressed the need for disciplined implementation to avoid losing funds, especially since the RRF deadline ends on 31 October 2026.

Although Cyprus shows higher absorption than the EU average for several programmes, MPs raised concerns over delays, with overall RRF absorption currently at 43.5%—below the EU’s 56%. Opposition MPs warned that weaknesses in planning and implementation risk the loss of funding for major projects, including those previously linked to the GSI electricity interconnector.

Treasury officials and the Ministry of Finance argued that annual targets are being met and expressed confidence that upcoming deadlines will also be achieved.

MPs also criticised the removal of problematic projects from EU funding streams, warning that doing so may prevent proper scrutiny by bodies such as OLAF and the European Public Prosecutor’s Office.