Proposal from the European Commission to prolong top-up in EU funding for projects in Greece and Cyprus under ESI Funds

Summary:

The European Commission proposed on 27 June 2016 to maintain the EU co-financing rate of 85% for Cyprus and to extend the 'top-up' mechanism, which can benefit Greece.

The financial and economic crisis had a profound impact on national and regional budgets in many Member States, limiting funding for all types of investment. As a result, the importance of the European Structural and Investment (ESI) Funds in public investment in the EU has significantly increased, in order to support growth and job creation, especially in those Member States most affected by budgetary difficulties.

The Commission decided to continue helping these Member States to make the most out of the investment opportunities offered by the ESI Funds in the 2014-2020 programming period.

• Primary Source

ESO Records

Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 1303/2013 as regards certain provisions relating to financial management for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability http://www.europeansources.info/record/proposal-for-a-regulation-of-the-european-parliament-and-of-the-council-amending-regulation-eu-no-1303-2013-as-regards-certain-provisions-relating-to-financial-management-for-certain-member-states-e/

---