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Memorandum target for absorption of EU funds in 2nd half of year attained, Hatzidakis

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The year 2013 was beginning with some positive news on the NSRF (National Strategic Reference Framework, or ESPA), as Greece attained the target for absorption of these EU funds earmarked for Greece in the second half of 2012, Development, Competitiveness, Infrastructure, Transport and Networks Minister Costis Hatzidakis said on Wednesday.

Briefing the press on the progress in absorption of the NSRF funds, Hatzidakis added, however, that management problems continued to exist, although 60 of the red tape has already been reduced, while by February new announcements will be made regarding the acceleration of the judicial process and for reducing various costs.He stressed that market liquidity continues to be the biggest problem, but expressed optimism that the "bulldozers will take up work as of April and there will be an acceleration in the absorption of funds".

Hatzidakis also added that the recapitalization of the banks is expected to improve the liquidity level in the economy, which had been the major stumbling block to absorption of funds last year.The minister explained that, in the annual expenditures for 2012, an 'exceptionally ambitious' target of 3.73 billion euros in EU funds had been agreed in the Memorandum, of which Greece, in the second half of the year managed to exceed the target for that period, attaining 102.64 percent of the target, bringing NSRF expenditure to 88.39 percent of the annual target following a shortfall in the first half, in which only 59.52 percent of the target was absorbed.

SOURCE: ATHENS NEWS AGENCY

Last Updated Thursday, 03 January 2013
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