Economy category powered by

EU Council approves amendments to Cypriot Recovery and Resilience Plan

The Council of the EU has greenlighted the amended Recovery and Resilience Plans submitted by Cyprus, Greece and Spain.

This took place during a 21 January meeting of the Economic and Financial Affairs Council in Brussels.

The 27 Ministers agreed with the analysis of the European Commission, which found that the targeted modifications put forward by the member states do not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.

Cyprus submitted targeted amendments to its Recovery and Resilience plan on 25 October 2024, after which the plan is worth €1.2 billion in grants and loans, according to the Council of the EU.

Greece submitted its own request on 21 October 2024. Its plan is worth €36.6 billion in grants and loans. Spain submitted its request on 3 December 2024. Its plan is worth €163 billion in grants and loans.

The Recovery and Resilience Fund was created as part of NextGenerationEU to support European economies after the COVID-19 pandemic, and was later adapted to also help member states deal with the effects of Russia’s invasion of Ukraine on energy security.

Each country’s Recovery and Resilience Plan, developed in coordination with the Commission, sets out reforms and investments that each country intends to complete by 31 August 2026, with each milestone connected to the disbursement of funds.

(Source: CNA)

Read More

Shipping Deputy Minister meets with President of the Arab Academy for Science, Technology and Maritime Transport
Cyprus-based Outfit7 announces new games, new audiences, and new Talking Tom
13th Invest Cyprus International Investment Awards almost here
Highest midday power demand of the year anticipated to have been this week, official data show
European Affairs Minister in London for working visit
Christodoulides: New natural gas discovery in EEZ reaffirms Cyprus’ energy potential
Theo Parperis on how establishing Cyprus as one of the region's family office hubs will increase FDI
President to hold teleconference with ExxonMobil this afternoon
Israel's Transport Minister paying Cyprus official visit
TechIsland launches new professional initiative for the Legal Community