Newsroom / CNA
The Republic of Cyprus has submitted a revised Recovery and Resilience Plan to the European Commission, incorporating the REPower EU chapter with an additional allocation of €104 million. The Ministry of Finance announced the update, highlighting the revised timeline of milestones aimed at addressing delays in the Plan's implementation.
The REPower EU chapter focuses on bolstering the energy sector, with actions geared toward helping Cyprus meet the EU's target to reduce energy dependency on Russia. The envelope allocated for REPower EU will support five existing projects in the Recovery Plan and introduce four new investments in the energy field.
These measures are designed to reduce Cyprus's energy needs, thereby lessening its reliance on fossil fuel imports. The plan includes increased investments in energy efficiency improvements, the promotion of clean transportation, the acceleration of renewable energy adoption, and incentives for the development of innovative technologies to address energy system weaknesses and bottlenecks, facilitating a transition toward greener energy.
Additionally, the revised timeline for preconditions and milestones related to fund disbursement will assist Cyprus in overcoming delays and challenges encountered in meeting the targets for the 2nd and 3rd disbursement applications.
The Cyprus Recovery Plan comprises €1 billion in grants and €200 million in loans from the EU Recovery and Resilience Facility. It received approval from EU institutions in July 2021.
