News Local President welcomes EU recovery fund deal, Cyprus to get over €2.7b

President welcomes EU recovery fund deal, Cyprus to get over €2.7b

Cyprus President Nicos Anastasiades on Tuesday welcomed the European Council deal on the Multiannual Financial Framework 2021-27 and the post-pandemic Recovery Fund.

“I express my full satisfaction because after many days and intensive negotiations, Cyprus has achieved the economic goals it had set in relation to the MFF and the European Union Recovery Plan,” he said in a written statement.

“After the agreement reached, Cyprus will be able to raise a total amount of over €2.7 billion. The amount of €1,451 billion will be raised from the Multiannual Financial Framework 2021-2027, and the rest from the Recovery Fund,” he added,

Anastasiades also said the funds aim at addressing the consequences of the pandemic and to promote the development of the Cypriot economy.

European Union leaders agreed after four days of talks to a 750 billion euro recovery fund to help members’ economies blighted by the coronavirus pandemic. It will give all EU members an important financial tool.

A detailed analysis of the distribution will follow at a later stage in the context of a press conference to be held in the coming days by the Minister  of Finance, Anastasiades also said.

“Moreover, in view of Turkey`s delinquent behaviour and following my intervention, a provision was included according to which the financing of third countries, including Turkey, by the European Union, is subject to their respect for the principles of the Charter United Nations and International Law,” he added.

 

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