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NextGenerationEU: European Commission endorses positive preliminary assessment of Cyprus's request for €85 million disbursement under the Recovery and Resilience Facility  

28/10/2022 | Economia |  Daily News 26 / 10 / 2022

Source: European Commission Spokesperson's Service  





The Commission endorsed yesterday a positive preliminary assessment of Cyprus' payment request for €85 million in grants under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU. Payments under the RRF are performance-based and contingent on Member States implementing the investments and reforms outlined in their respective recovery and resilience plans. On 28 July 2022, Cyprus submitted to the Commission a payment request based on the achievement of the 14 milestones set out in the Council Implementing Decision for the first instalment. They cover reforms and investments in the electricity market, in the areas of energy efficiency and circular economy, and anti-corruption and transparency. Measures in the financial sector and public administration, in the domain of digital skills, as well as Cyprus' audit and control system for the implementation of the RRF are also covered. The Commission has thoroughly assessed this information before presenting its positive preliminary assessment of the payment request. The Cypriot recovery and resilience plan includes a wide range of reforms and investments in 13 thematic components. It is worth over €1.1 billion, of which €916 million in grants and €200 million in loans. €157 million was already disbursed to Cyprus in pre-financing on 9 September 2021. A press release and Q&A  are available online. President von der Leyen's video message will be available here.

 

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