Development Ministry estimates 2015 EU fund losses at CZK 6.8bn

The Czech Republic was unable to utilize CZK 6.8bn EU funds last year, Regional Development Minister Karla Slechtova informed. The amount is much lower than the estimate for CZK 10bn unused EU funds made in January and the initial estimate of possible CZK 36bn EU fund losses made in mid-2015. For the whole of the previous 2007-2013 programming period the country failed to absorb CZK 26.4bn, from the total CZK 700bn or 3.8% of the total. Still, more audits are being performed by the finance ministry and the EC so the final figures will be released in a few years. The drawing of first funds under the new 2014-2020 programming period has started in May 2015. The country is entitled to draw EUR 23.8bn (CZK 644bn) in the period allocated in 10 programs.

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