European Commission disburses €157 million in pre-financing to Cyprus
The pre-financing payment under the Recovery and Resilience Facility (RRF) will help to kick-start the implementation of the crucial investment and reform measures outlined in Cyprus' recovery and resilience plan.
The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Cyprus' recovery and resilience plan. The country is set to receive €1.2 billion in total over the lifetime of its plan, with €1 billion provided in grants and €200 million in loans.
The disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, to be complemented by short-term EU-Bills, to fund the first planned disbursements to Member States under NextGenerationEU.
Part of NextGenerationEU, the RRF will provide €723.8 billion (in current prices) to support investments and reforms across Member States. ■