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European Commission approves request for targeted review of Cyprus Recovery Plan

08:16 - 03 July 2024

Economy Reporter

The European Commission has approved the request for a targeted review of the Cyprus Recovery and Resilience Plan, which was submitted to the Commission on 25 June 2024.

According to a Commission press release, the proposed changes are narrow in scope and technical in nature. They concern two milestones forming part of the second payment request, and the third payment request to come.

The Council generally has four weeks to adopt the Commission's proposal approving the targeted revision of the plan.

The Cyprus Recovery and Resilience Plan amounts to €1.2 billion, of which €1.02 billion is in the form of grants and €200 million in the form of loans. It includes 282 milestones and targets, covering 61 reforms and 75 investments.

(Source: CNA)

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