NextGenerationEU: Commission disburses first payment of €85 million to Cyprus under Recovery and Resilience Facility

These milestones cover key reforms and investments in the electricity market, financial sector and public administration, as well as in the areas of energy efficiency, circular economy, anti-corruption and transparency, digital skills and budget audit and control.

Today's payment is made possible by the achievement by Cyprus of the 14 milestones related to the first installment. These milestones cover key reforms and investments in the electricity market, financial sector and public administration, as well as in the areas of energy efficiency, circular economy, anti-corruption and transparency, digital skills and budget audit and control.

On 28 July 2022, Cyprus submitted to the Commission an initial request for €85 million, based on the achievement of the 14 milestones set in the Council Implementing Decision. On October 25, 2022, the Commission approved a positive preliminary assessment of this application. The favorable opinion of the Economic and Financial Committee paved the way for the adoption by the Commission of a final decision on the disbursement of funds.

Overall, the Cyprus Recovery and Resilience Plan will be funded with €1.1 billion (€916 million in grants and €200 million in loans). Payments under the Recovery and Resilience Facility (RRF) are performance-based and conditional on Cyprus implementing the investments and reforms outlined in its Recovery and Resilience Plan.