Cyprus sent two payment requests to the European Commission on Friday totaling €152.3 million for its Recovery and Resilience Facility, citing it has completed 38 milestones and targets.
The sums are part of the country’s request for the second and third tranches of the Recovery and Resilience Facility.
A finance ministry bulletin said Cyprus is among the first 10 member states to have submitted a third payment request from the facility.
“With this new disbursement and the approval of our new plan, Cyprus will cumulatively receive, together with the €242m already disbursed, an amount in excess of €400m, approximately 40 per cent of the total allocation of the grant for our country.”
According to the finance ministry, Cyprus’ new Recovery and Resilience Facility has a total budget of €1.22 billion and includes 136 measures.
It addresses both reforms (61 measures) and investments (75 measures – projects and grant plans) in almost all policy areas that contribute to sustainable growth. It is implemented by 70 public and broader public sector agencies, as well as by thousands of beneficiaries through sponsorship plans, enterprises, NGOs and individuals.
“The adoption of this revised plan, and the successful completion of 16 and 22 targets and milestones in, respectively, our second and third payment requests, now take us to the submission of the request for the disbursement of the €152.3m.”
