Cyprus wants targeted review of EU’s €1.2b recovery plan

Cyprus has submitted a request to the European Commission for a targeted review of its recovery and resilience plan (RRP), which amounts to €1.2 billion.

“Yesterday (Tuesday), Cyprus submitted to the commission a request for a targeted review of its recovery and resilience plan. The proposed modifications are linked to objective circumstances which impact the feasibility of implementing the measure concerned,” the commission says in a press release.

“The Cypriot recovery and resilience plan amounts to €1.2 billion, including €1 billion in grants and €200 million in loans.”

The plan includes 282 milestones and objectives, 61 reforms and 75 investments.

“To date, the commission has disbursed more than 21 per cent of the funds allocated to Cyprus under the Recovery and Resilience Facility, i.e. more than €260 million, including pre-financing,” the commission said.

Cyprus’ overview on the commission website shows that total grants allocated to Cyprus reach €1,020 million, while total loans allocated are €200 million. The RRP allocation as share of GDP stands at 4.09 per cent.

In November 2023, the Commission endorsed Cyprus’ modified recovery and resilience plan.

A month later, the EU Council approved the assessment.

Shortly afterwards, Cyprus submitted a payment request of €152 million.

In January 2024, the commission disbursed €20.9 million in REPowerEU pre-financing to Cyprus.

In May 2024, Cyprus and the commission agreed on the modified operational arrangements.