Cyprus Secures €200 Million In EU Recovery Funds

by THEFUTURE.TEAM

August 19, 2024

Cyprus is set to receive a substantial €200 million from the European Union’s Recovery and Resilience Facility this autumn, a critical financial boost aimed at accelerating the island’s post-pandemic economic recovery. This funding is part of the broader EU initiative to support member states in rebuilding their economies by promoting sustainable growth, enhancing digital transformation, and advancing green energy projects.

The €200 million, a part of Cyprus’s larger allocation under the Recovery and Resilience Facility, will be directed towards a range of strategic initiatives. These include investments in renewable energy, infrastructure projects, and digitalisation efforts, all of which are vital for enhancing the country’s economic competitiveness and long-term resilience. Specifically, projects focused on green energy transition and digital innovation are expected to play a pivotal role in transforming the Cypriot economy, reducing its carbon footprint, and positioning it as a leader in the region.

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The significance of this funding cannot be overstated. As Cyprus continues to navigate the challenges posed by global economic uncertainties, this financial support provides a much-needed stimulus to drive growth and innovation. The targeted investments are not only expected to create jobs and boost economic activity but also to lay the groundwork for a more sustainable and resilient economic model.

For the Cypriot government and businesses, the timely disbursement of these funds presents an opportunity to accelerate the implementation of key projects that align with the EU’s broader goals of digital transformation and environmental sustainability. This, in turn, will help Cyprus strengthen its economic foundations, ensuring it is better prepared to face future challenges.

Moreover, the successful deployment of these funds will be crucial in maintaining investor confidence and attracting further investments, particularly in sectors such as renewable energy, technology, and infrastructure. As Cyprus positions itself as a forward-looking economy, the effective use of this €200 million will be a key determinant of its ability to sustain growth and enhance its competitiveness on the global stage.

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Vasiliko LNG Terminal Development Faces New Strategic Challenges

by THEFUTURE.TEAM

February 26, 2026

The completion of the liquefied natural gas (LNG) terminal upgrade in Vasiliko has become a key issue for Cyprus’ National Petroleum Company (ETYFA) and the Ministry of Energy, as authorities work to address delays and operational constraints tied to the project.

Completion Challenges And Operational Bottlenecks

One of the main challenges involves finalizing ongoing construction and technical work linked to the LNG terminal upgrade. Officials are managing delays while attempting to maintain energy supply stability and ensure the project remains aligned with long-term energy planning. The complexity of the infrastructure and regulatory requirements has added pressure to project timelines.

Management Of The Prometheus Vessel

A second major issue concerns the Prometheus vessel, which was converted into a floating storage and regasification unit (FSRU) intended to support LNG operations in Cyprus.

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Authorities are exploring options to test the vessel’s capabilities and potentially lease it as an interim solution before deployment in Cyprus. However, current European Commission rules restrict the use of the vessel for profit-generating operations at foreign terminals, as EU funding for its conversion was granted specifically to support Cyprus’ energy needs.

European Regulatory Constraints And Cyprus’ Strategy

Cyprus is seeking regulatory clarity from the European Commission regarding future use of the vessel. Although the project initially received €101 million in EU funding, earlier procedural issues resulted in partial repayment, with approximately €68 million returned from €71 million already disbursed.

Officials argue that the project has since relied largely on domestic financing and loans from institutions including the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). They say greater flexibility in using the vessel could help reduce operational costs while preserving asset readiness.

Successful Conversions And Future Implications

Government sources say technical modifications to the Prometheus have been completed, and the vessel is currently moored at the Kuala Linggi Base in Malaysia under the management of Norwegian firm Wilhelmsen.

The main unresolved issue remains regulatory approval, as prolonged inactivity could increase costs and delay the broader LNG strategy tied to Cyprus’ energy transition.

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