Eclipse CDT project built but “Launch Failed. Binary Not Found”

I think I found solution – proper binary parser must be selected so Eclipse can recognize the executable:

Select the project, then right-click. Project->Properties->C/C++ Build->Settings->Binary Parsers, PE Windows Parser.

I.e. if Cygwin compiler is used then Cygwin parser should be used.

That worked for me at least for Cross-compiler (both on Windows 7 and Ubuntu 12.04). On Linux, I use Elf parser.

If anyone has the better solution, please advise.