Chaired by Finance Minister Makis Keravnos, the informal EU ministerial meeting kicks off today to map out regional development initiatives and preview the upcoming EU Strategy for Islands.

The main proceedings of the Informal Meeting of EU Ministers responsible for Cohesion Policy take place on Friday in Nicosia, in the framework of the Cyprus Presidency of the EU Council in 2026.

According to a press release by the Secretariat of the Cypriot Presidency, the meeting will be chaired by Finance Minister Makis Keravnos, while the European Commission will be represented by the Commissioner responsible for Cohesion and Reforms, Executive Vice-President Raffaele Fitto.

The meeting will be attended by delegations from the 27 EU Member States, the countries of the European Free Trade Area, the European Parliament, the General Secretariat of the Council, the Court of Auditors, the European Investment Bank, the Committee of the Regions, and the European Economic and Social Committee.

In the first part, Ministers will exchange views on the role of Cohesion Policy in providing the necessary incentives, development prospects, and employment opportunities so that European citizens can remain, prosper, and build their future in their home regions.

In the second part, the Ministers will discuss the specific challenges faced by island regions and how these can be addressed through European policies, particularly Cohesion Policy, in light of the upcoming EU Strategy for Islands.

It is further noted that, specifically for Cyprus, as an island Member State within the European Union, recognition of the island dimension is a key factor, adding that the EU Strategy for Islands will be presented on June 26, 2026, during a high-level meeting to be held in Paphos.

According to the press release, cohesion policy is the EU’s main long-term investment policy. Since its accession to the European Union, Cyprus has benefited substantially from Cohesion Policy, with total public expenditure on investments amounting to approximately 4 billion euro.

By utilizing resources from the Cohesion Policy Funds, critical infrastructure, investment projects supporting entrepreneurship, research and innovation, and employment, as well as social initiatives, contributing to the development and modernization of the economy and the support of society, it says.

According to an economic impact study, investments made through Cohesion Policy during the 2014–2022 period contributed to a 6% increase in gross domestic product and the creation of 24,000 new jobs. Today, Cohesion Policy in Cyprus is implemented through the “THALIA 2021–2027,” which includes public investments exceeding 1.8 billion euro across nearly all sectors of economic and social activity, the statement concludes.

Source: CNA(ΚΥΠΕ)