Finance Minister, Marcos Kyprianou said on Monday that he is personally responsible for the absorption of the EU funds and that he will make every effort so that Cyprus absorbs 100% of the EU funds, after the recent publications concerning the inadequate absorption and exploitation of the structural funds granted by the European Union. “We are moving effectively towards the creation of the necessary infrastructure that will enable the development of the structural funds”, the Minister said.

Referring to the statements of the EU official, Michel Barnier that Cyprus has made significant progress, Mr. Kyprianou stressed that the country ranks first among the 10 acceding countries and referred to the infrastructure project with the introduction of the Management Authority, the Payment Authority, the Management Committee of the Planning Office and the Payment Authority of the Accounts Department.

Mr. Kyprianou said that Cyprus has already submitted the planning documents on the Development plan and had the first round of talks with the EU. “We are optimistic that after the EU approval, the government will be ready to proceed to the selection of projects”.

“We have focused on a more restricted number of plans and projects that will enable the timely absorption of the EU funds”, Mr. Kyprianou concluded.