Cyprus's National Recovery and Resilience Plan: Latest state of play

Briefing 21-01-2022

In absolute figures, Cyprus's National Recovery and Resilience Plan amounts to €1.2 billion. Cyprus decided to use its allocation under the Recovery and Resilience Facility (RRF) predominantly in grants (€1.005 billion), with €200.3 million in loans. These resources represent around 0.2 % of the entire RRF, but are equal to 5.2 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of EU-27 GDP in 2019). They will underpin a vast programme of reforms and investments that aims to promote the recovery of the Cypriot economy (Cyprus's GDP dropped by 5.2 % in 2020), while addressing a number of structural weaknesses as well as pursuing major objectives such as the green transition and the digital transformation. Measures under Cyprus's plan are to be completed in 2026. Following the Council's approval of the plan, Cyprus received a €157 million pre-financing, disbursed in September 2021. The next payments, in ten instalments for grants and four instalments for loans, will depend on progress in implementing the plan. The European Parliament, which was a major advocate for the creation of a common EU recovery instrument, participates in interinstitutional fora for cooperation and discussion on its implementation and scrutinises the work of the European Commission. This briefing is one in a series covering all EU Member States. First edition. The 'NGEU delivery' briefings are updated at key stages throughout the lifecycle of the plans.