The European Commission announced the disbursement of a first tranche of 85 million euro from the Recovery and Resilience Mechanism for Cyprus.
The decision 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, circular economy, anti-corruption, transparency, digital skills and financial audits and controls.
On 28 July 2022, Cyprus submitted a request to the Commission for a payment of 85 million euro, following the achievement of the 14 milestones.
On 25 October 2022, the Commission provisionally approved 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 euro (916 million euro in grants and 200 million euro in loans). Payments under the Recovery and Resilience Facility (RRF) are conditional on the implementation of the investments and reforms outlined in the Recovery and Resilience Plan.
Source: Cyprus News Agency