European parliament extends Cyprus' eligibility for 85% co-financing.
The European Parliament said that it agreed to extend Cyprus's eligibility for an 85 per cent co-financing ratio for European programmes beyond June 2017.
"Deputies voted in favour of extending Cyprus's eligibility period in which the 85 per cent co-financing ratio remains in place until the completion of the 2014 to 2020 programme period," the parliament said in an emailed statement on Tuesday.
As a "developed region" Cyprus would be eligible to a 50 per cent financing contribution with European Union funds, the parliament said. "Given though that Cyprus is facing for some time now financial hardship and a drop in investment level, it was granted a higher co-financing ratio effective on January 1, 2014".
The new regulation which requires the Council's approval, will enter into force a day after it is published in the EU's gazette, the statement said.
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