NextGenerationEU: Commission receives payment request from Cyprus for €85 million under the Recovery and Resilience Facility

European Union, 2018European Union, 2018

The Commission has today received the first payment request from Cyprus under the Recovery and Resilience Facility (RRF) for a disbursement of €85 million in financial support (net of pre-financing). Cyprus’ overall recovery and resilience plan will be financed by €0.9 billion in grants and €0.2 billion in loans. Payments under the RRF are performance-based and contingent on Cyprus implementing the investments and reforms outlined in its recovery and resilience plan. This first payment request relates to 14 milestones and targets covering several investments and reforms in the areas of energy efficiency, electricity market, circular economy, anti-corruption and transparency, financial sector and public administration, digital skills and audit and controls. The Commission will now assess the request. Following that, the Commission will send its preliminary assessment of Cyprus’ fulfilment of the milestones and targets required for this payment to the Council’s Economic and Financial Committee. More information on the process of the payment requests under the RRF is available in this Q&A. More information on Cyprus’ recovery and resilience plan is available here.