Regulation (EC) No 389/2006 establishing an instrument of financial support for encouraging the economic development of the Turkish Cypriot community

Summary:

Council Regulation of 27 February 2006 setting up an instrument for financial assistance to the Turkish Cypriot community and amending Regulation (EC) No 2667/2000 on the European Agency for Reconstruction.

Further information:

This Regulation establishes an instrument of financial support for encouraging the economic development of the Turkish Cypriot community. In view of the political situation and with a view to allocating the financial support in the most efficient and rapid way, it provides that assistance be supplied directly to the beneficiaries.

The initiative aims at facilitating the reunification of Cyprus by encouraging the economic and social development with particular emphasis on the economic integration of the island, through alignment with the acquis, and by improving contacts between the two communities and with the EU.

Besides reconciliation and confidence building measures, it will cover, inter alia, the promotion of social and economic development, development of the infrastructure, and people to people contacts. Most of the activities will be therefore similar to pre-accession activities. Due to the isolation of the Turkish Cypriot community over the last years, the activities will have a strong focus on helping with acquis approximation, especially as regards investments to comply with European norms, inter alia, in the environmental and transport areas.

In order to supply assistance in accordance with the principles of sound financial management, the Commission should be in a position to delegate to the European Agency for Reconstruction implementation of assistance under this Regulation. Therefore, Regulation (EC) No 2667/2000 needs to be amended accordingly.