EU Approves €76.9 Million Funding for Cyprus' Development

The European Commission has given preliminary approval to Cyprus’ request for €76.9 million under the NextGenerationEU program, which aims to support Europe’s recovery by fostering a greener, more digital, and competitive future.

According to the European Commission, Cyprus has successfully met the required milestones and targets to qualify for the third payment under the Recovery and Resilience Facility (RRF), the main funding instrument of NextGenerationEU.

This €76.9 million tranche is part of Cyprus’ Recovery and Resilience Plan (RRP) and follows the implementation of nine key reforms and seven investment projects.

As reported by Cyprus Mail, the initiatives are designed to deliver tangible benefits to Cypriot citizens and businesses, particularly in digital transformation, healthcare, environmental sustainability, energy, research, and connectivity.

Cyprus initially submitted its third RRF payment request on July 3, 2024, based on the successful completion of 16 predefined milestones and targets within its national Recovery and Resilience Plan.

The European Commission has now forwarded its preliminary assessment to the Economic and Financial Committee (EFC), which has four weeks to provide its opinion. If the EFC gives a positive response, the Commission will proceed with an official decision to disburse an additional €378.1 million to Cyprus.

So far, Cyprus has received a total of €1.2 billion under the RRF, supporting the country’s national recovery efforts.

Once this latest payment is completed, the total funds allocated to Cyprus under the RRF will reach €454 million, covering over 28% of the approved milestones and targets in the plan.