Cyprus officials have expressed their concerns that the island is failing to take advantage of EU funding that is offered to stimulate the job market and help start-ups and SMEs to become more competitive. The cause is only speculative however thought to be linked to the lengthy administration requirements.
Concerns were also raised about why it took local authorities 2 years to examine and approve applications for EU co-funded programmes. Almost €800m was allocated to Cyprus throughout the 2015-2020 period however no funds have been disbursed. The money must be absorbed into the economy by 2020.