The European Commission paid out the first 157 million euros ($185.5 million) to Cyprus on Thursday from the EU-wide fund allocated to support member states during the coronavirus crisis
MOSCOW (Pakistan Point News / Sputnik - 09th September, 2021) The European Commission paid out the first 157 million Euros ($185.5 million) to Cyprus on Thursday from the EU-wide fund allocated to support member states during the coronavirus crisis.
"The European Commission has today disbursed 157 million to Cyprus in pre-financing, equivalent to 13% of the grant and loan component of the country's financial allocation. The pre-financing payment under the Recovery and Resilience Facility (RRF) will help to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus' recovery and resilience plan," the Commission said in a statement.
According to the report, further disbursements will be authorized by the Commission if the investments and changes outlined in Cyprus' recovery and resilience plan are implemented.
The Recovery and Resilience Facility (RRF) was established to provide up to 723.8 billion euros to support reforms and projects in EU member states post-pandemic. Before allocating the funds, the Commission reviews recovery plans presented by member states based on country-specific recommendations and assesses whether they dedicate at least 37% of expenditure to climate objectives and 20% to the digital transition.
The disbursed monies, or 13% of the total 1.2 billion euros allocated to Cyprus, is expected to help the country enhance its renewable energy measures, promote sustainable and green mobility, digitalize its public sector and increase the quality of education and training via reformation of the teaching profession.
"Today's disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of 80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU," the statement reads.
European leaders agreed on the RRF in July 2020 as part of NextGenerationEU, a temporary recovery instrument designed to mobilize investments and jump-start Europe's economy battered by the COVID-19 pandemic.
