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Cyprus asks for first RRF installment

Cyprus asks for first RRF installment

The European Commission announced it received on Thursday the first payment request from Cyprus under the Recovery and Resilience Facility (RRF) for the disbursement of 85 million euros in financial support, adding that it will assess it and will send its preliminary assessment of milestones and targets fulfillment to the Council’s Economic and Financial Committee.

“Cyprus’ overall recovery and resilience plan will be financed by €900 million in grants and €200 million in loans,” the Commission said in a press release. Payments under the RRF, it added, “are performance-based and contingent on Cyprus implementing the investments and reforms outlined in its recovery and resilience plan.”

“This first payment request relates to 14 milestones and targets covering several investments and reforms,” Brussels said.