EU Council approves amendments to Cypriot Recovery and Resilience Plan

07:54 - 22 January 2025

Economy Reporter

The Council of the EU has greenlighted the amended Recovery and Resilience Plans submitted by Cyprus, Greece and Spain.

This took place during a 21 January meeting of the Economic and Financial Affairs Council in Brussels.

The 27 Ministers agreed with the analysis of the European Commission, which found that the targeted modifications put forward by the member states do not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.

Cyprus submitted targeted amendments to its Recovery and Resilience plan on 25 October 2024, after which the plan is worth €1.2 billion in grants and loans, according to the Council of the EU.

Greece submitted its own request on 21 October 2024. Its plan is worth €36.6 billion in grants and loans. Spain submitted its request on 3 December 2024. Its plan is worth €163 billion in grants and loans.

The Recovery and Resilience Fund was created as part of NextGenerationEU to support European economies after the COVID-19 pandemic, and was later adapted to also help member states deal with the effects of Russia’s invasion of Ukraine on energy security.

Each country’s Recovery and Resilience Plan, developed in coordination with the Commission, sets out reforms and investments that each country intends to complete by 31 August 2026, with each milestone connected to the disbursement of funds.

(Source: CNA)

EU Council approves amendments to Cypriot Recovery and Resilience Plan

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