The 1.2 billion recovery plan for Cyprus has been approved by the European Commission

The Council will normally have four weeks to approve the Commission proposal

European Commission in Brussels

The European Commission announced this morning that it has approved, positively evaluating the recovery and resilience plan of Cyprus, which provides for the disbursement of total grants and loans amounting to 1.2 billion euros.

Under the Recovery and Resilience Mechanism (RRF), it will support the implementation of critical investment and reform measures and make the country stronger after the end of the pandemic.

The approval of the plan by the Council would allow the disbursement of 157 million euros in Cyprus for pre-financing. This represents 13% of the total amount.

According to the European Commission, the Cyprus project devotes 41% of the project’s total allocation to measures that support climate targets.

The plan includes reforms related to the introduction of green taxation, the liberalization of the electricity market, the facilitation of energy renovations in buildings, and the acceleration of electric mobility.

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