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EU Approves €76.9 Million Payment To Cyprus Under NextGenerationEU Programme

by THEFUTURE.TEAM

February 12, 2025

The European Commission has given its stamp of approval for Cyprus’ request to receive a €76.9 million payment under the NextGenerationEU program — the EU’s flagship initiative designed to drive recovery towards a more sustainable, digital, and competitive future.

This funding, part of Cyprus’ Recovery and Resilience Plan (RRP), comes after Cyprus completed nine reforms and seven investment projects. These milestones pave the way for improvements that will directly benefit Cypriot citizens and businesses, including advancements in digitalization, healthcare, environmental sustainability, energy, research, and connectivity.

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Key initiatives include the creation of a streamlined government process to foster strategic investments, helping reduce administrative burdens and driving economic growth. Another flagship project involves the Cyprus Transmission System Operator, which has introduced a Market Management System to make the electricity market more competitive, promising lower prices and better service for consumers.

This payment is the third installment under the Recovery and Resilience Facility (RRF), the financial backbone of NextGenerationEU, which aims to strengthen EU economies post-pandemic. Cyprus’ recovery strategy focuses on preparing the nation for a greener, digital future, with a focus on sustainable investments in critical sectors.

The European Commission has forwarded its preliminary assessment to the Economic and Financial Committee (EFC) for review. If the EFC provides a positive opinion, a formal payment decision will be made, releasing a further €378.1 million to Cyprus.

Since Cyprus began its RRF journey, a total of €1.2 billion has been allocated to support its recovery and transition plans. This new payment will bring the total disbursed funds to €454 million, marking over 24% of the plan’s approved goals being fulfilled.

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