Cyprus submits request for the fourth tranche under the RRF

Cyprus submitted a request to the European Commission on Wednesday for the disbursement of the fourth tranche of the Recovery and Resilience Facility (RRF), amounting to €77 million.

The government submitted the request after completing 16 milestones and targets outlined in its national RRF plan, which totals €1.2 billion.

According to an announcement from the finance ministry, Cyprus has so far received €263 million via the RRF. Combined with the expected disbursement of the second and third tranches, total disbursements are projected to reach €229 million after necessary checks by commission authorities.

The ministry added that a request for the fifth tranche, amounting to €120 million, is expected to be submitted by the end of 2024, covering 28 milestones.

With these disbursements, total payments from the RRF since 2021 will amount to approximately €500 million, representing about 50 per cent of Cyprus’s total allocation, the ministry said.

In a statement, Finance Minister Makis Keravnos thanked the European Commission for its close cooperation, the competent technocrats in the public service and all those who contributed to the completion of the work, including relevant ministers and deputy ministers.

He also thanked the parliamentary parties for the approval the necessary legislation, considered prerequisites for the payment requests.

Cyprus Recovery and Resilience plan, as amended in December 2023, provides for €1.22 billion in grants and loans, featuring 136 measures, including 61 reforms and 75 investments. The plan covers policy sectors which could contribute to sustainable growth.