News Local Cyprus Rally organizers seeking funding so as not to lose state subsidy

Cyprus Rally organizers seeking funding so as not to lose state subsidy

The organizers of the Cyprus Rally may need to seek funding of up to 250,000 euros from individuals so as not to lose the 500,000 euros that tax payers are paying through KOA, the Cyprus Sports Organization, budget for the organization.

According to the Council of Ministers’ decision dated 5 June 2019, the subsidy is only paid if funding is also found from individuals. However, the organizers requested the amount through a supplementary budget, something that led the AKEL Parliamentary Group to request to stop the 500,000 subsidy. The party wants to commit the fund for the Rally so that the necessary parliamentary check will take place regarding subsidies by individuals since it is a precondition.

(philenews)

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