Cyprus requests €89.2M in EU grants for recovery plan

The European Commission received a payment request on Thursday from Cyprus for €89.2 million in grants, netting €76.9 million after pre-financing.

The Commission's press release stated that Cyprus' third payment request pertains to 12 milestones and four targets. These include reforms to support investment initiatives, enhance public administration productivity, improve the title deed system, and lead the digital transformation of the Cyprus Police Force.

Additionally, the request covers investments in healthcare, research and development, digitalization of SMEs, internet infrastructure upgrades to improve connectivity, and better monitoring of greenhouse gas emissions from the agricultural sector.

The Commission will now assess Cyprus' compliance with the required milestones and targets before sending its preliminary assessment to the Council's Economic and Financial Committee.

Cyprus' Recovery and Resilience Plan is set to receive €1.22 billion, comprising €1.02 billion in grants and €200 million in loans.