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Tuesday, October 3, 2023

225 support projects are supported by the Commission – The 8 in Cyprus

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A list of 225 projects to support Member States in implementing reforms was released on Tuesday by Cohesion and Reform Commissioner Eliza Ferreira. Eight of these new projects concern Cyprus and focus on support for building renovations, digital innovation in the financial sector, accrual accounting, improving citizens' knowledge of financial issues, developing renewable energy sources and improving of public administration.

The 225 projects approved by the Commission will be funded using the Technical Support Instrument (TSI) and focus on projects to modernize and improve the resilience of public administration, strategies for sustainable development and promoting the resilience of economies, and enhancing their ability to respond to crises.

These reforms are supported by the TSI with a total of € 116.8 million for 2022. The TSI also provides the ability to provide tailor-made expertise for each Member State, based on their needs and requests.

According to a statement, several of these reform projects are included in the national Recovery and Sustainability Plans to make use of the Recovery and Sustainability Facility funds.

“The Technical Assistance Instrument will continue to support Member States and regions in achieving reforms that can improve their resilience, support their development strategies, prepare them for dual, digital and green transitions, and ensure effective and flexible public administrations “said Ms. Ferreira.

The projects concerning Cyprus include the adaptation and implementation of the financial reporting and consolidation tool for the transition to accrual basis accounting, the establishment of an examination center for the Cyprus Public Service Commission, the modernization of the organizational structure and operational governance of the Ministry of Foreign Affairs. support for the development of Renewable Energy Sources and the efficient opening of the electricity market in Cyprus, support for building renovation processes, implementation of the national strategy for enhancing consumer knowledge on financial issues & nbsp; and participation of Cyprus in training projects for of the digital financial sector for the staff of the Central Bank and the Hellenic Capital Market Commission. and 51% targets for the digital transition. Of the total projects, 57% are linked to reforms under the National Recovery and Sustainability Plans.

provide technical support to meet common challenges in different Member States or regions, and 50% are associated with so-called “flagship projects”, ie projects that are among the EU's top priorities, such as tourism, the wave of renovations, the integration of its dimension gender, public administration and the integration of migrants.

In the case of Cyprus in particular, two of the eight projects approved fall into the category of projects involving more than one Member State.

Source: www.philenews.com

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