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25 May, 2024
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Unleashing potential through a revised recovery plan

The revised plan will incorporate additional investments amounting to €104

Source: CNA

The Directorate General for Growth in collaboration with all stakeholders is preparing Cyprus’ revised Recovery and Resilience Plan to include the RepowerEU chapter and to incorporate revisions in some of the plan’s milestones and targets to streamline disbursements, Anthoula Savvides, Director of Recovery and Resilience at DG Growth, has told CNA.

In statements to CNA on Saturday, Savvides said that DG Growth is carrying out informal consultations with the European Commission, in a bid to wrap up the draft revised text in June. Following the green light by the Cabinet the plan will be submitted to the EU Commission for approval.

The revised plan will incorporate additional investments amounting to €104, namely €52 million from the RepowerEU plan and an additional €52 million from the Brexit Reserve Fund. Cyprus “lost” €90 million in grants from the EU Recovery and Resilience Fund due to higher GDP growth but gained an additional €104 million.

Savvides said that the €104 million will be solely invested in energy projects.

Moreover, the DG Growth official said that the revision of the Cypriot Plan provides the opportunity for DG Growth to change the timeframe of some targets and milestones to ensure the total absorption of EU funds.

“We are having objective difficulties which are driven by factors beyond the control of the coordinating authority, the (Finance) Ministry and the government in general,” Savvides added.

So far Cyprus has received the first disbursement amounting to €85 million in early December last year and €156 million in pre-financing. The Cypriot plan provides for nine additional disbursements which should be carried out by the end of 2026.

DG growth is working on the milestones of the second disbursement, with Savvides noting that the pending issues concern a procurement for the mass installation of electricity smart meters, the provision of a fire-fighting airplane, vehicles and equipment to combat climate change and forest fires, while the milestone of the approval of the revised law to streamline strategic investments is pending in the parliament for discussion.

“The second and third disbursements will be submitted following the approval of the revised plan as the various problematic issues will be revised or moved,” Savvides said.

Cyprus Recovery plan features investments worth €1.2 billion and 271 milestones.

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