The European Commission received on Wednesday the fourth payment request (for the fifth instalment) from Cyprus for €120.3 million in grants, net of pre-financing.

Cyprus' fourth payment request concerns 20 milestones and 8 targets. It covers reforms that improve the resilience of the banking sector, address inefficiencies in the system of issuing and transferring title deeds, expand the delivery of government services online and aim to improve the quality of education by modernising and updating the current teachers and schools' evaluation system.

The request also covers important investments in areas including health care by developing an IT system for cross-border e-health services, digitalisation by developing an advanced digital system to enhance the supervisory capacity of Cyprus Securities and Exchange Commission, and by developing electronic systems envisaged under the Union Customs Code.

The Commission will now assess the request and will then send its preliminary assessment of Cyprus' fulfilment of the milestones and targets required for this payment to the Council's Economic and Financial Committee.

Cyprus' overall recovery and resilience plan will be financed by €1.22 billion.