Cyprus has submitted a request to the European Commission for the disbursement of the fourth tranche from the Recovery and Resilience Facility (RRF), amounting to €77 million. This request follows the successful completion of all 16 milestones and targets outlined in its national Recovery and Resilience plan, which totals €1.2 billion.

According to a press release issued by the Finance Ministry, Cyprus has so far received €263 million from the RRF. With the combined disbursement of the second and third tranches, following the necessary checks by Commission authorities, the total disbursements are expected to reach €229 million. Additionally, the Ministry announced that a request for the fifth tranche, amounting to €120 million and covering 28 milestones, is expected to be submitted by the end of 2024.

Upon the disbursement of these tranches, total payments by the RRF to Cyprus since 2021 will amount to approximately €500 million, which is about 50% of the total allocation to Cyprus, the Ministry stated.

Finance Minister Makis Keravnos expressed gratitude to the European Commission for their close cooperation, as well as to the competent technocrats in the public service and all those involved in the completion of the necessary work, including Ministers and Deputy Ministers. He also extended his thanks to the parliamentary parties for approving the necessary legislation, which are considered prerequisites for the payment requests.

The Cyprus Recovery and Resilience plan, amended in December 2023, provides for €1.22 billion in grants and loans. It features 136 measures, including 61 reforms and 75 investments, covering policy sectors that contribute to sustainable growth.