Nicosia:Cyprus has received an additional £119.8 million from the EU Recovery and Resilience Facility, announced President Nikos Christodoulides. The President emphasized that the goal is to convert these resources into concrete benefits for the economy and society.
According to Cyprus News Agency, the recent disbursement brings the total grants received by Cyprus to £709 million, representing 70% of the total £1.02 billion allocated. With the final payment expected in December, total grants are anticipated to reach approximately £992 million, reflecting a high absorption rate of 97.3% of the total amount.
President Christodoulides attributed this achievement to systematic and intensive work, including close monitoring of schedules, daily coordination among Ministries and Services, and continuous assessment of each milestone and project. The President highlighted the importance of not wasting time or available European funding, focusing on achieving tangible results for the economy and society. The plan was completed with 221 milestones and objectives and 61 significant reforms by August 2026.
The funding has supported infrastructure projects worth approximately £600 million and 40 grant projects totaling £420 million. Over 850 businesses received support, 300 Research and Innovation projects were financed, and about 50,000 homes installed photovoltaics, including 7,000 vulnerable households. Additionally, around 4,300 citizens received grants for electric vehicles, and approximately 90,000 properties were connected to high-speed networks. Furthermore, 4,800 children benefited from tuition subsidies for preschool education, and 750 employers received support for hiring unemployed persons.
Completed projects include the Cyprus Blood Center, upgraded hospital infrastructure, photovoltaics and thermal insulation in 405 schools, multi-purpose centers for children, two model special education schools, smart water and electricity meters, and the CY ALERT early warning system.
The President expressed gratitude to all Ministries, Deputy Ministries, Departments and Services, local authorities, and social partners involved in the implementation, particularly the Ministry of Finance and the Directorate of Growth for their decisive coordinating role. He also thanked the House of Representatives for its contribution to the timely passage of reforms linked to the completion of the Plan.
He concluded that a significant European opportunity has been transformed into specific projects, reforms, and investments, producing tangible results that benefit society and the economy.