Bloomberg News

EU to Fast-Track Subsidies for Cyprus, Doubts Higher Allotment

April 16, 2013

The European Union can fast-track planned infrastructure and farming subsidies for Cyprus, while an increase in the island’s overall funding would require approval by EU governments, the European Commission said.

Subsidies already allocated under the EU’s seven-year budget can be “frontloaded” as long as Cyprus delivers a list of eligible projects, Jose Barroso, the commission’s president, said in a letter to Cypriot President Nicos Anastasiades.

Cyprus’s plea for a higher overall allocation “is an issue that must be taken up first and foremost with the other member states,” Barroso said in the letter, which was made public by his office in Brussels today.

The EU budget was set in February “after very difficult negotiations subject to unanimity” and “no unallocated margin” was left over, Barroso added.

To contact the editor responsible for this story: James G. Neuger at jneuger@bloomberg.net


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