InsiderEconomyPresident presents National Recovery Plan for the post-COVID era

President presents National Recovery Plan for the post-COVID era

President of Cyprus Nicos Anastasiades said that today marks a historic day, as the foundations for the post- COVID era in Cyprus are being laid.

The President, who presented on Monday Cyprus’ National Recovery and Resilience Plan, the blueprint containing projects and reforms with a view to absorb funds from the EU’s Recovery and Resilience Fund (Next Generation EU), said that
it is an ambitious and realistic plan not only for the recovery of the economy, but also for the creation of a new vision for Cyprus.

The plan, he added, is a road map for the post-COVID era, and addresses the economic and social repercussions of the pandemic. “It is a complete economic and social transformation. It leads economy, technology, mentalities and institutions to a new era,” he pointed out.

It is noted that the plan was approved by the Council of Ministers on the 14th of May and is being submitted today to the European Commission.

The President said that for the implementation of the plan the government will fully utilise the €1.2 billion provided in the Recovery and Resilience Plan, the €1.8 billion provided by the Cohesion Funds, the €1.4 billion that, according to a study will result from private investment or public-private partnerships while the annual expenditure of the next budgets will be adjusted and distributed according to the new growth model.

Therefore, he pointed out, the total amount for the implementation of the Program for the period 2021-2026, amounts, to €4.4 billion, not including the expenditure of the annual budgets.

He noted that as a result of the implementation of the Recovery and Resilience Plan, amounting to €1.2 billion, the whole economy and society will benefit, and added that in addition to the projected increase of the GDP, an additional 7% will be added, while, from the implementation of the Plan, more than 11,000 new and well- paid jobs will be created.

He said that this does not include the new jobs that will be created from the remaining amount of €3.2 billion included in the “Cyprus – Tomorrow” project.

The President said that the plan is built on five foundations, namely, public health and civil protection, rapid transition to the Green Economy, strengthening of the resilience and competitiveness of the economy, the path towards the digital age and the fifth one includes two areas, education, and labour and social welfare and integration.

More details on each area will be announced in the coming days by the competent Ministers.

The President said that the actions of the “Cyprus – Tomorrow” project, include a total of 58 reforms and 76 development investments, including programmes to strengthen private entrepreneurship.


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