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National recovery and resilience plan to increase Cyprus’ GDP by seven percentage points

Cyprus’ National recovery and resilience plan will increase the country’s GDP by seven percentage points during the five years of its implementation, according to Director General of the Ministry of Finance George Pantelis.

The plan also aims to strengthen Cyprus’ economy and the country`s potential for economic, social and environmentally sustainable long-term growth and prosperity.

Pantelis was speaking at the online discussion on “Europe Recovery Plan, an Economy at the Service of the People”, organized by Oxygono and Europe Direct Larnaca.

He also said the reforms and investments that will be made through the Plan are estimated to increase productivity in the medium term.

And in relation to GDP it is estimated that from 10.6% today the productivity contribution will increase to 23.5%, while employment will increase from 13.2%, at 29.3%.

The formal adoption of the Cyprus plan by the European Commission is expected to mobilize public resources of €1.23 billion, of which €230 million concerns the financing through the issuance of loans, while the first disbursement will be made within the third quarter of the year.

He noted that the project will be monitored by the EU and there will be six months progress reports that will be evaluated on the basis of milestones and targets.

Pantelis then pointed out that the main pillars of the plan are the transition to the green economy and the digital transformation.

And he said that the Plan is not only based on the mobilization of public funds but also on the additional mobilization of private funds.

(CNA)

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