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Cabinet to approve National Recovery and Resilience Plan on Friday

13/05/2021 16:56

The Council of Ministers will approve on Friday Cyprus’ National Recovery and Resilience Plan, the blueprint containing projects and reforms with a view to absorb almost €1 billion from the EU’s Recovery and Resilience Fund (Next Generation EU).

According to sources, the proposals which will be submitted by the Finance Minister Constantinos Petrides, have been finalised following discussions with European Commission technocrats which began last January over Cyprus’ draft proposals.
Following the Cabinet approval, Cyprus proposals will be formally submitted to the European Commission for approval by the EU Finance Ministers Council as stipulated by the RFF regulation.
The same sources told CNA that following the plan’s approval, Cyprus will receive a fist disbursement of €120 million which corresponds to 13% of the total amount.
The €750-billion Recovery and Resilience Facility, was the EU’s response to stimulate sustainable recovery following the Covid crisis. Cyprus' Recovery and Resilience Facility aims to absorb grants amounting to €968. In the first phase Cyprus will receive €764 million or 70% of the 2021 and 2022 disbursements and €204 million by 2023.
Cyprus’ proposals are drafted on five priority pillars, namely public health and civil protection and lessons from the pandemic, expediting transition to a green economy, boosting the economy’s competitiveness and resilience, towards a digital era, labour market, education and human capital. The priority pillars are divided to 14 to 15 components.