Cyprus contribution to the Sixth Program Framework for the Research and Technological Development of the EU is to reach 16.5 million euro, while the overall budget of the Program will reach 17.5 billion euro (16.27 billion concern EURATOM research programs that Cyprus refused to participate).

The Program – which covers the period between 2002 and 2006 and has become a means of the creation of a single European Area of Research and Technology – is joined by the 15 EU member-states as well as the ten candidate countries. The relevant agreement foresees that the overall contribution of the countries that join the Program will be proportionate to each country’s GDP in relation to the overall GDP of the 15 EU member-states.

Cyprus – with its participation to the Program – adopts and applies the EU requirements concerning the Chapter of “Research and Science”. Therefore, Cyprus Research and Small Medium Companies will have equal rights – ever before the accession – to access this EU Program and derive significant economic sources for the financing of the research activities.

The Agreement was signed by the Minister of Finance, Takis Klerides, on a special ceremony held in Brussels yesterday, after the meeting of the candidate countries’ Ministers of Finance with the Chairman of the European Committee, Romano Prodi.

The Minister of Finance, stressed that Cyprus participation in this Program “proves that it respects the objectives of the European Council in Lisbon, according to which EU must become world’s most competitive and powerful economy until 2010, able to create a constant economic growth”.

In addition, Mr. Klerides analyzed the measures that Cyprus is to take in order to develop the Program and expressed his belief that Cyprus Researchers will take advantage of the Program for the common objective.