Insider Economy Cyprus receives second tranche totalling €229m from EU's SURE facility

Cyprus receives second tranche totalling €229m from EU’s SURE facility

Cyprus has received the second and final tranche of €229 million of a total of €479 million from the EU’s Support to mitigate Unemployment Risks in an Emergency (SURE) facility.

The funds, obtained in favourable terms and with long maturities, will boost Cyprus’ fiscal capacity to support the labour market amid the coronavirus pandemic.

The first tranche amounting to €150 million was disbursed in November 2020, with the Finance Ministry stating that Cyprus was the first EU – member state to utilise EU funding tools with a view to mitigating the pandemic’s effect on the economy.

“Thanks to sound planning with regard to managing the pandemic, Cyprus was the first member-state to utilise the funding tools provided by the EU to manage the crisis, by timely submitting to the European Commission a formal, detailed and fully justified application to obtain a loan of €479 million aiming to finance the government schemes to support employment,” the Finance Ministry said in a press release late on Tuesday.

(CNA)

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