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Cyprus has received positive assessments on the use of EU funds

25.11.2014

According to recent financial reports of the European Commission, Cyprus received a positive assessment on the use of European funds. Chairman of the Committee, George Georgiou said that not only Cyprus is not mentioned in the list of countries that are known for their inefficient use of EU funds, but instead became an outstanding example for its transparency, accounting and reliable information provided with regards to every financed project by the EU.

European Commission encourages all countries to focus on the results of sponsored projects, rather than on how to obtain the required sum and how to spend it. In general, in 2013 the percentage of errors done by EU countries that were sponsored by EU funds is 4.7%. Most errors occur because most of the projects are usually operated by large companies that created monopolies in local markets and do not give any opportunity for smaller companies to to participate in tenders.

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