The European Commission has approved the June 25 request for a targeted review of the Cyprus recovery and resilience plan (RRP), which amounts to €1.2 billion.
“The proposed changes are narrow in scope and technical in nature. They concern two milestones forming part of the second payment request, and the third payment request to come,” the Commission said on Tuesday.
It added that “the Council generally has four weeks to adopt the Commission’s proposal approving the targeted revision of the plan.”
The Cyprus Recovery and Resilience Plan amounts to €1.2 billion, of which €1.02 billion is in the form of grants and €200 million in the form of loans. It includes 282 milestones and targets, covering 61 reforms and 75 investments.
To date, the Commission has disbursed more than 21 per cent of the funds allocated to Cyprus.
