Cyprus to allocate 3.5 billion euros in EU-funded development projects for 2028-2034

Cypriot President Nikos Christodoulides announced that the Republic of Cyprus plans to implement infrastructure and development projects across the island totaling 3.5 billion euros during the European Union’s next multiannual financial framework, covering the 2028-2034 period. This investment package includes 2.5 billion euros in EU funding, supplemented by 1 billion euros from national contributions.

Following discussions with European Council President Antonio Costa, Christodoulides confirmed that negotiations regarding the EU budget are in their final stages, with a political agreement expected by the end of 2026. The government has tasked local authorities and village leaders with submitting project proposals to ensure they reach a mature state. The cabinet is scheduled to finalize the selection of projects and their respective allocations by September 2027 at the latest, before reporting the finalized plan to the European Commission.

The initiative serves as a strategic effort to maximize the impact of EU cohesion and structural funds. The president emphasized the importance of completing all necessary planning and licensing procedures in advance to ensure the timely implementation of these projects across the country.