The European Commission is funding initiatives to strengthen economic competitiveness and enhance sustainable development in Cyprus.
Devex learned from a senior official at the managing authority in Cyprus that the commission will support infrastructure projects, particularly for the transport and environment and energy sectors. The EC will also provide assistance to the development of urban and rural areas, the productive environment, and knowledge and innovation.
The operational program for sustainable development and competitiveness is funded through the European Regional Development Fund. An indicative 492.6 million euros (US$653 million) has been set aside to finance the activities in 2007-2013.