Cyprus submits request for the fourth tranche under the RRF

07:40 - 04 July 2024

Economy Reporter

Cyprus submitted to the European Commission for the disbursement of the fourth tranche by the Recovery and Resilience Facility (RRF), amounting to €77 million as it completed all 16 milestones and targets earmarked in its national Recovery and Resilience plan totalling €1.2 billion.

A press release issued by the Finance Ministry writes that so far Cyprus has received €263 million by the RRF, while in combination with the disbursement of the second and third tranches following the necessary checks by the Commission authorities, total disbursements are expected to amount to €229 million. Moreover the Ministry added that the request for the fifth tranche amounting to €120 million is expected to be submitted by the end of 2024 covering 28 milestones.

With the disbursement of these tranches, total payments by the RRF since 2021 will amount to €500 million approximately 50% of the total allocation to Cyprus, the Ministry added.

In a statement Finance Minister Makis Keravnos thanked the European Commission for the close cooperation, the competent technocrats in the public service and all those who worked for the completion of the work including competent Ministers and Deputy Ministers. He also thanked the parliamentary parties for the approval the necessary legislations which are considered as preconditions for the payment requests.

Cyprus Recovery and Resilience plan as amended in December 2023 provides for €1.22 billion in grants and loans, featuring 136 measures, including 61 reforms and 75 investments. The plan covers policy sectors which could contribute to sustainable growth.

(Source: CNA)

Cyprus submits request for the fourth tranche under the RRF

News Feed

Read More