Cyprus plans €3.5 billion in projects under next EU budget
Cypriot President Nikos Christodoulides said that, according to current estimates, the country can expect a total of around €3.5 billion under the European Union’s next multiannual financial framework for 2028–2034. He said that projects worth the same amount are planned to be implemented in the government-controlled part of the island during this seven-year period.
As Cyprus Mail reports, Christodoulides discussed budget issues with European Council President António Costa, who visited the island. The Cypriot president said that budget negotiations are at their final stage, with a political agreement sought by the end of the year.
Breakdown of the amount
According to Christodoulides’ estimate, approximately €2.5 billion may come from the future EU budget. Another €1 billion will be contributed by the Republic of Cyprus. Thus, the total value of the planned projects may reach €3.5 billion.
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He said that the government is to decide on specific projects in 2027. Christodoulides also called on villages to submit proposals for initiatives that could be implemented. According to him, the government is paying particular attention to rural areas and wants to prepare projects for possible approval in 2027.
EU budget negotiations
Ireland’s Minister of State for European Affairs Thomas Byrne expressed confidence that an agreement on the financial framework could be reached by the end of the year. Ireland holds the rotating presidency of the Council of the EU in the second half of the year.
Byrne noted that the funds must be available from January 1, 2028. According to him, if negotiations are not completed this year, there may not be enough time to prepare legislation related to the agreed budget figures. European Commissioner for Budget Piotr Serafin called the active involvement of member states in the negotiations a positive signal.
