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Community financial and technical cooperation with Cyprus

On 30 October 1995, the European Council approved a "Protocol on financial and technical cooperation between the Community and Cyprus". Within the framework of the Association Agreement signed between the Community and Cyprus, the Protocol provides for the Community to financ...

On 30 October 1995, the European Council approved a "Protocol on financial and technical cooperation between the Community and Cyprus". Within the framework of the Association Agreement signed between the Community and Cyprus, the Protocol provides for the Community to finance projects and schemes which will: - Contribute to Cyprus's economic and social development; - Facilitate its economic transition with a view to accession to the European Union; - Support efforts to promote a general settlement of the Cyprus question. The Protocol provides for an aggregate amount of ECU 74 million to be committed before the end of 1998, comprising ECU 22 million in the form of grants, ECU 2 million in the form of contributions to risk capital formation, and ECU 50 million in loans from the European Investment Bank. Priority will be given to projects and operations which aim to: - Restructure and modernize the Cypriot economy in the industrial, agricultural and services sectors, including establishing direct contacts, exchanging information, promoting investment and private capital flows, supporting vocational training, developing human resources and SMEs; - Create and strengthen links in the fields of science and technology between training and research establishments in Cyprus and the Community, and encourage enterprises and research centres to participate in the Community's specific RTD programmes; - Diversify and promote exports, support policies and reforms to integrate the Cypriot economy with that of the Community, and organize contacts between businesses in Cyprus and the Community; - Develop and strengthen cooperation on protecting and managing natural resources and support harmonization policies in the environmental sector; - Promote participation by Cyprus in Community framework programmes, specific programmes, projects or other actions, according to specific arrangements still to be negotiated and concluded; - Promote and coordinate joint cooperative efforts and activities with other countries in the region; - Develop technical assistance and training schemes to help Cyprus adopt the "acquis communautaire".

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Cyprus