By Deirdre Tynan • 09 September 2021 • 12:42
The European Commission has disbursed €157 million to Cyprus in pre-financing, equivalent to 13 per cent of the grant and loan component of the country’s financial allocation.
The pre-financing payment under the Recovery and Resilience Facility (RRF) will help to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus’ recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Cyprus’ recovery and resilience plan. The country is set to receive €1.2 billion in total over the lifetime of its plan, with €1 billion provided in grants and €200 million in loans.
The disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.
Part of NextGenerationEU, the RRF will provide €723.8 billion, in current prices, to support investments and reforms across Member States. The Cyprus plan is part of the unprecedented EU response to emerge stronger from the Covid-19 crisis, fostering the green and digital transitions and strengthening resilience and cohesion in our societies.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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