Cyprus was the first EU member-state to benefit from low cost financing by the SURE facility (Support to mitigate Unemployment Risks in an Emergency) to protect the labour market from the adverse impact of the coronavirus pandemic, the Finance Ministry has said.

In a press release issued on the occasion of the SURE’s first disbursement to Cyprus amounting to €250 million, the Ministry said that the remaining €229 million will be disbursed in early 2021.

“The government’s sound planning amid the pandemic is proven by the fact that Cyprus was the first country to utilise the tools provided by the EU to manage the crisis,” the Ministry said, adding that the government submitted a comprehensive and fully justified request for a loan amounting to €479.07 million.

Cyprus, the Ministry added, was among the three countries which secured approval for all eight eligible schemes, which manifests the government’s both scope and targeting.

Furthermore, the Ministry said that Cyprus along with other three member-states will receive funding that amount to 2% of the country’s GDP compared to an average 1.5% of GDP for the other member-states.