Cyprus requests two payments for €152m from Recovery & Resilience Mechanism

Cyprus has sent to the European Commission two payment requests from the Recovery and Resilience Mechanism, totaling €152.3 million, after the completion of the 38 milestones and targets for the second and third tranches of the Recovery and Resilience Plan.

Cyprus is among the first 10 member states to have submitted a third payment request from the facility, the Finance Ministry has said.

According to a Finance Ministry press release, the adoption of the revised national Recovery and Resilience Plan that entered into force on 11 December 2023 and the successful completion of the 16 targets and 22 milestones included in the second and third payment requests, has resulted in their submission today for the disbursement of the additional €152.2m from the Recovery and Resilience Mechanism.

"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% of the total allocation of the grant for our country," it is added.

It is also noted that "With the submission of the 3rd payment request, our country is among the first 10 member states that have submitted a third payment request from the Mechanism, most of which have done so only very recently and after the approval of their own amendment proposals on their national plans".

According to the Ministry, Cyprus’ new Recovery and Resilience Plan with a total budget of €1.22 billion includes 136 measures and 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 Recovery and Resilience Plan is not just a government plan, it belongs to everyone and it is everyone's challenge to achieve the expected results together," it is stressed.

(Source: CNA)