The disbursement of the first tranche through the Recovery and Resilience Instrument and the NextGenerationEU programme of 85 million to Cyprus. EUR
According to an announcement, the disbursement comes after the fulfilment of 14 agreed milestones concerning reforms and investments in the electricity market, the financial sector and public administration, as well as in the areas of energy efficiency, the circular economy, anti-corruption, transparency, digital skills and financial controls.
On 28 July 2022, Cyprus submitted to the Commission a request for a payment of €85 million, following the achievement of 14 milestones.
On 25 October 2022, the Commission gave its preliminary approval to the request, paving the way for the disbursement of the funds.
In total, the Cyprus Recovery and Resilience Plan will be financed with €1.1 billion (€916 million in grants and €200 million in loans). A condition for payments under the Recovery and Resilience Facility (RRF) is the implementation of the investments and reforms outlined in the Recovery and Resilience Plan.
Source: KYPE
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