Cyprus Finance Minister Makis Keravnos has reaffirmed the government's commitment to maximizing the absorption of EU funds, recognizing them as vital for fostering growth.

On Tuesday, Keravnos met with Themis Christophidou, the Director-General for EU Regional and Urban Policy. Christophidou expressed her satisfaction with Cyprus' exemplary capacity in utilizing EU funds.

The meeting primarily revolved around the execution of projects co-financed by EU Cohesion Policy, the €1.8-billion “Thalia 2021-2027” Programme, and collaborative approaches.

A significant topic was the initiation of the “Thalia” programme. Cyprus aims to request a €250 million payment from the European Commission by 2024.

Discussions also covered the utilization of EU funds for the 2014 – 2020 period. Cyprus is on track to fully absorb all available funds, totaling €878 million, by the end of 2023.

Both Keravnos and Christophidou acknowledged the importance of collaboration between national authorities, the EU Commission, and other stakeholders, including local governments, businesses, and civil society.

Christophidou praised Cyprus for its excellent performance in fund absorption and its low fault rate. She expressed confidence in the successful implementation of the THALIA programme.

Keravnos, highlighting the significance of Cohesion Policy for both Cyprus and the EU, expressed gratitude for the longstanding cooperation with the EU Commission. He emphasized the government's intention to leverage the highest possible EU funds, which are crucial for the island's development and in mitigating the impact of global uncertainties.