South may get an extra 200 million euros from EU

The European Commission has proposed adjustments to its proposal for the EU budget, including an additional €200 million for Cyprus, of which €100 million in will be given in 2014.

EU budget Commissioner Janusz Lewandowski said he is “glad to express Europe’s solidarity with Cyprus to mitigate the impact of its painful adjustment through investing 200 million euros more in its economy”.

The additional EU funds will help Cyprus invest in energy efficiency, support small and medium-sized enterprises and create or maintain jobs that otherwise could be lost.

Financing will be provided through the Structural Funds and the Flexibility Instrument which enables extra funding in clearly identified cases.

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