Brussels: Today, the European Commission has endorsed a positive preliminary assessment of Cyprus’s fourth payment request amounting to £75.9 million under the Recovery and Resilience Facility, a key part of the NextGenerationEU initiative. This endorsement marks a significant step toward the financial and developmental goals set by the EU and Cyprus.
According to Cyprus News Agency, the Commission’s assessment followed a payment request submitted by Cyprus on December 18, 2024. The Commission concluded that Cyprus has successfully completed the 23 milestones and targets outlined in the Council Implementing Decision for this fifth instalment. This payment request encompasses 11 reforms and 12 investments designed to benefit both citizens and businesses in Cyprus, with a focus on expanding online government services and improving corporate transparency through the introduction of a beneficial ownership registry. Additionally, it aims to digitalize healthcare services, particularly in cross-border contexts.
The reforms and investments also aim to simplify the issuance and transfer of title deeds and implement digital trade solutions to facilitate business transactions. Notable measures in this payment request include a reform to enhance the supervision of insurance and pension funds, where Cyprus has developed and implemented tools to improve oversight. Furthermore, an investment has been made to bolster the Cyprus Securities and Exchange Commission’s supervisory capacity through a new digital system that connects to the European Securities and Markets Authority’s centralized platform.
The Commission has forwarded its preliminary assessment of Cyprus’s fulfilment of the necessary milestones and targets to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion. Once the EFC provides its opinion and the Commission adopts a payment decision, the funds can be disbursed to Cyprus.
The Cypriot recovery and resilience plan covers a wide range of investment and reform measures, financed by £1.020 billion in grants and £200 million in loans. More information about Cyprus’s Recovery and Resilience plan, including an interactive map of projects financed by the RRF, can be found online.