Filenews 25 January 2024
The Minister of Finance, in an announcement, welcomes today's announcement by the European Commission for the payment to Cyprus of €20.9 million from the Recovery and Resilience Facility, as an advance payment for the implementation of the REPowerEU Measures.
Cyprus has secured an amount of €104 million. to finance the new REPowerEU Fund under the national Recovery and Resilience Plan 'Cyprus – tomorrow', to implement additional reforms as well as new or upgraded incentive schemes for energy upgrading as well as to further promote electromobility, with an implementation horizon of 2026.
To date, an amount of €263m has been collected from the Recovery and Resilience Facility and upon completion of the required checks now carried out by the EU institutions on the application for payment of the 2nd and 3rd tranches, submitted by the Republic of Cyprus on 15 December 2023, another €152.2 million will be collected. Total receipts (€415 million) from the Recovery and Resilience Facility from 2021 until the first four months of 2024 are as follows:
- with the submission and approval of the initial Plan in 2021, the advance payment of €157 million was disbursed,
- With the achievement of the first 14th milestones, the 1st tranche of €85 million was disbursed in 2022,
- with the approval of the amendment of the Plan and the incorporation of the new REPowerEU Fund, an additional advance payment of €21 million was received today. and
- with the completion of the 38 milestones of the 2nd and 3rd tranches and after the completion of the EU audits, an amount of €152.2 million is expected to be disbursed. within the first four months of 2024.
This is followed in 2024 by the submission of two payment applications for the 4th and 5th tranches for the collection of €197 million.
The Minister thanked the European Commission for the close cooperation, all partners, as well as the Implementing Bodies of our national Plan and assured that the government's efforts to achieve all targets and milestones will continue on time and on the basis of the agreed timetables.
