The European Commission announced on Thursday that it has approved additional funding of 2.7 bn euros to support the recovery of Spain, Italy and Cyprus.
The Commission said that it has approved the amendment of seven operational programs in Spain, Italy and Cyprus under the REACT-EU program, totaling 2.7 bn euros.
Cyprus will receive an additional amount of 46.4 mn euros under the operational program “competitiveness and sustainable development”, to support SMEs.
The REACT-EU package includes €55 billion of additional funds that will be made available to the 2014-2020 European Regional Development Fund (ERDF) and the European Social Fund (ESF) as well as the European Fund for Aid to the Most Deprived (FEAD).
These additional funds will be provided in 2021-2022 from Next Generation EU and already in 2020 through a targeted revision to the current financial framework.