Cyprus has surpassed the EU average in utilising EU funds through the multiannual fiscal framework 2021-2027, however it still stands at 18.8 per cent of the amount it is entitled to, member of the European Court of Auditors Lefteris Christoforou said on Thursday, presenting House president Annita Demetriou with the report for 2024.

Demetriou said she was very proud of Cyprus’ performance and the absorption of EU funds, “particularly in priority sectors identified by the government and parliament”.

Presenting the report, Christoforou said “small Cyprus fully utilised the EU funds for the multiannual fiscal framework 2014-2020”.

“This highlights the effective management of these funds and the capability of all those involved – government, parliament, civil service, civil servants – who managed to utilise all the money coming from the European budget,” he pointed out.

Regarding the current framework period ending in 2027, Christoforou said “Cyprus stands today 18.8 per cent, while the EU is at 14 per cent”.

This translates into “€255 million already been absorbed” for 2024, however “a huge amount of remains to be absorbed”, he added.

Over the past four years, Cyprus has managed to draw €1.28 billion from EU coffers, however it still has €1.65 billion to receive by 2027.