The Commission has issued a positive preliminary assessment for Cypruss third payment request of €76.9 million under NextGenerationEU, the central part of Europes recovery strategy to build a greener, more digital, and competitive Union.
The Commissions preliminary assessment finds that Cyprus has fulfilled the required milestones and targets for this payment, financed under the Recovery and Resilience Facility (RRF), the key instrument of NextGenerationEU. The amount of €76.9 million represents the third tranche under Cypruss recovery and resilience plan.
Cypruss third payment request follows the implementation of nine reforms and seven investments in Cyprus, providing tangible benefits for citizens and businesses in the fields of digitalization, health, environment, energy, research, and connectivity.
Key measures in the payment request include:
- Facilitation of Strategic Investments: A new, dedicated government sector was established, operational guidelines and procedures were issued, and relevant personnel was trained.
- Installation of a Market Management System by the Cyprus Transmission System Operator to open the electricity market to competition.
Next steps
The Commission has sent its preliminary assessment to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion. Following a positive opinion, the Commission will adopt a payment decision enabling the €378.1 million disbursement to Cyprus.
Background
Cyprus submitted its third RRF payment request on 3 July 2024, based on the implementation of 16 milestones and targets as set out in Cypruss recovery and resilience plan.
The plan includes a wide range of investments and reforms aimed at making the Cypriot economy and society more sustainable, resilient, and prepared for the green and digital transitions. A total of €1.2 billion has been allocated to support its implementation under the Recovery and Resilience Facility.
Once this payment is completed, the total funds disbursed to Cyprus under the Recovery and Resilience Facility will reach €454 million, representing over 28% of the milestones and targets in the plan fulfilled.