Cyprus is now a net recipient of EU funds with €126 million for 2023, and it appears that by 2027, it may achieve "much greater" net receipts from the EU, emphasized Lefteris Christoforou, a member of the European Court of Auditors, following the presentation on Friday of the annual report of the European Court of Auditors for the 2023 financial year to the three Parliamentary Committees on Foreign Affairs, Finance, and Audit.

In statements after the committee session, where he presented the management and financial audit of the European Budget, which for 2023 amounts to €239.2 billion, Mr. Christoforou expressed pride because, as he noted, "our country ranks first in the utilization of European funds from the previous financial framework for the Cohesion Policy Fund, which includes the European Regional Development Fund, the European Social Fund, the Cohesion Fund, and the Youth Employment Fund, managing to draw €750 million and achieving 100% absorption of the funds."

Referring to funds under the new financial framework, Mr. Christoforou stated that Cyprus is 35% above the EU average in terms of fund absorption.

"Once again, it is proven that Cyprus can become strong within the EU and fully leverage the opportunities provided," he said, adding that "this is a multidimensional success attributed to all those who contributed."

He also noted that Parliament plays a decisive role in this direction.

Mr. Christoforou:

Overall, Cyprus, as he stated, is entitled to receive €3.193 billion from the EU, of which €650 million has been collected so far, leaving another €2.55 billion to be utilized in the next five years.

Mr. Christoforou remarked that these funds "are a strong boost and support for our homeland, the Cypriot economy, and the Cypriot citizens. It is significant support from the EU that is positively recorded at all levels," he emphasized.

"We have a mission to ensure the full utilization of funds, adhering to EU and national rules within the legal and regulatory frameworks of the EU, and Cyprus seems to comply to a large extent," he added.

As evidence of this, according to Mr. Christoforou, "are the positive results achieved through the utilization of funds and various investments benefiting Cypriot citizens and the Cypriot economy."

Regarding the European Budget, Mr. Christoforou stated that the Court of Auditors conducted a fiscal audit on the use of EU funds.

"For us, a strong EU cannot exist without robust financial management," he noted, adding that "every euro of the European taxpayer must be optimally utilized and directed to the right purposes—towards citizens, investments, and development."

"There can be no prosperity for European citizens without the full, effective, and productive use of EU funds," he concluded.