NewsLocalCyprus submits recovery and resilience plan, NextGenerationEU funds by the summer

Cyprus submits recovery and resilience plan, NextGenerationEU funds by the summer

The European Commission has received Cyprus’ recovery and resilience plan which sets out the reforms and public investment projects it plans to implement with the support of the Recovery and Resilience Facility (RRF).

Cyprus has requested €1 billion in grants and €227 million in loans under the RRF, the Cyprus News Agency reports from Brussels.

“We have received Cyprus’ recovery and resilience plan. The plan includes measures in areas such as public health, the green and digital transitions, and education,” President Ursula Von Der Leyen said in a written statement late on Monday.

“Our goal: to have NextGenerationEU funds flowing by the summer,” she added.

The plan includes measures to modernise the healthcare sector, increase the energy efficiency of buildings, promote sustainable transport and the upgrading of digital infrastructure. As well as foster upskilling and reskilling opportunities.

Projects in the plan cover the entire lifetime of the RRF until 2026. The plan proposes projects in all seven European flagship areas.

The RRF is the key instrument at the heart of NextGenerationEU, the EU`s plan for emerging stronger from the COVID-19 pandemic.

It will provide up to €672.5 billion to support investments and reforms – in 2018 prices.

This breaks down into grants worth a total of €312.5 billion and €360 billion in loans.

The RRF will play a crucial role in helping Europe emerge stronger from the crisis, and securing the green and digital transitions.

The presentation of this plan follows an intensive dialogue between the Commission and the Cypriot authorities over the past number of months.

The Commission will assess the plan within the next two months based on the eleven criteria set out in the Regulation and translate their contents into legally binding acts.

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