28.07.2022
The European Commission announced on Thursday that it received the first payment request from Cyprus under the Recovery and Resilience Fund (RRF) for 85 million euros in financial support (net of pre-funding), adding that it will evaluate it and send its preliminary assessment of implementation stages and tasks to the Economic and Financial Committee of the Council.
“The Cyprus Overall Recovery and Resilience Plan will be funded by €0.9 billion in grants and €0.2 billion in loans,” the Commission said in a press release.
The payments under the RRF, he adds, are “performance-based and contingent on Cyprus’ implementation of the investments and reforms outlined in its Recovery and Sustainability Plan.”
“This first request for payment relates to 14 milestones and goals covering several investments and reforms in energy efficiency, the electricity market, the circular economy, anti-corruption and transparency, the financial sector and public administration, digital skills, and audit and control.” , the message says . The press release clarifies.
The commission, he said, “will now consider the request.”
“After that, the Commission will forward its preliminary assessment of the fulfillment by Cyprus of the milestones and objectives required for this payment to the Economic and Financial Committee of the Council,” the press release says.
