05/07/2024 08:57
The European Commission received on Thursday the third payment request from Cyprus for €89.2 million in grants (€76.9 net of pre-financing).
In a press release the Commission said that Cyprus' third payment request concerns 12 milestones and 4 targets. It covers reforms that support investment initiatives, enhance the productivity and effectiveness of public administration, improve the system for issuing and transferring title deeds, and lead the digital transformation of the Cyprus Police Force.
The request also covers important investments in areas including health care, research and development, digitalisation of SMEs to help enhance their productivity, improving connectivity through the upgrade of internet infrastructure, and improving the monitoring of greenhouse gas emissions from Cyprus's agricultural sector.
The Commission noted that it will now assess the request and will then send its preliminary assessment as regards Cyprus' compliance with 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, of which €1.02 billion in grants and €200 million in loans, it concluded.