Proposal for a Council Implementing Decision on the approval of the assessment of the recovery and resilience plan for Cyprus

Author (Corporate)
Series Details COM (2021) 398
Publication Date 08/07/2021
Content Type ,

Summary:

Proposal for a Council Implementing Decision - tabled by the European Commission on 8 July 2021 - concerning the endorsement of an assessment to Cyprus's National Recovery and Resilience Plan (NRRP).

Further information:

National Recovery and Resilience Plans are prepared by the Member States of the European Union (EU) and comprise a package of reforms and investment initiatives to be implemented by 2026 and supported by the Recovery and Resilience Facility (RRF). These plans are assessed by the European Commission and approved by the Council of the European Union. The assessment is based on criteria set out in Regulation (EU) 2021/241 - also known as the RRF Regulation.

The plan was submitted by the national authorities on 17 May 2021. A positive assessment of the Cypriot NRRP was adopted by the Commission on 8 July 2021. It recommends that the Council endorses the disbursement of €1.2 billion in grants and loans under the RRF over the period 2021-2026. The Commission's analysis considered, in particular, whether the investments and reforms contained in Cyprus's plan support the green and digital transitions; contribute to effectively addressing challenges identified in the European Semester; and strengthen its growth potential, job creation and economic and social resilience.

The proposed Decision was adopted by the Council of the European Union at a meeting on 26 July.  The first €157 million - equivalent to 13% of the grant and loan component of the country's financial allocation - was disbursed by the Commission on 9 September.

Source Link https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2021:398:FIN
Related Links
Commentary and Analysis
Bruegel: Datasets: European Union countries’ recovery and resilience plans https://www.bruegel.org/publications/datasets/european-union-countries-recovery-and-resilience-plans/
Friedrich Ebert Foundation: The Recovery Plan in Cyprus: Setting the course for a climate-neutral and digital future http://library.fes.de/pdf-files/bueros/zypern/17208.pdf

News
Cyprus Mail, 06/05/2021: Cyprus Recovery plan to create 15,000 jobs https://cyprus-mail.com/2021/05/06/cyprus-recovery-plan-to-create-15000-jobs/
Associated Press, 17/05/2021: Cyprus president unveils ‘ambitious’ economic stimulus plan https://apnews.com/article/cyprus-europe-health-coronavirus-pandemic-economic-stimulus-67598d9e03c8d9daedcf4bc36c0a5ec8
Cyprus Mail, 08/07/2021: EU Commission approves Cyprus’ €1.2 bln Covid recovery plan https://cyprus-mail.com/2021/07/08/eu-commission-approves-cyprus-e1-2-bln-euro-covid-recovery-plan/
Kathimerini, 08/07/2021: EU executive approves Cyprus’ 1.2 bln euro Covid recovery plan https://www.ekathimerini.com/economy/1164190/eu-executive-approves-cyprus-1-2-bln-euro-covid-recovery-plan/
France24, 08/07/2021: Von der Leyen hails Cyprus pandemic relief plan https://www.france24.com/en/live-news/20210708-von-der-leyen-hails-cyprus-pandemic-relief-plan
RFI News, 08/07/2021: Von der Leyen hails Cyprus pandemic relief plan https://www.rfi.fr/en/von-der-leyen-hails-cyprus-pandemic-relief-plan
EurActiv, 26/07/2021: More than half of recovery plans approved, funds expected within days https://www.euractiv.com/section/economy-jobs/news/more-than-half-of-recovery-plans-approved-funds-expected-within-days/
Cyprus Mail, 26/07/2021: EU’s Ecofin green lights Cyprus recovery plan https://cyprus-mail.com/2021/07/26/eus-ecofin-green-lights-cyprus-recovery-plan/
Kathimerini, 27/07/2021: EU finance ministers green-light Cyprus recovery plan https://www.ekathimerini.com/economy/1165208/eu-finance-minister-green-light-cyprus-recovery-plan/
Cyprus Mail, 19/08/2021: Cyprus Recovery Plan projects now underway https://cyprus-mail.com/2021/08/19/cyprus-recovery-plan-projects-now-underway/

Official
EUR-LEX: SWD(2021)196: Staff Working Document accompanying the Proposal - Analysis of the recovery and resilience plan of Cyprus https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2021:196:FIN
European Commission: Recovery and Resilience Facility: National Recovery and Resilience Plans https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility_en
European Commission: Recovery and resilience plan for Cyprus https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility/recovery-and-resilience-plan-cyprus_en
Cypriot Government: Recovery and Resilience Plan http://www.dgepcd.gov.cy/dgepcd/dgepcd.nsf/rrplan_en/rrplan_en?OpenDocument
European Commission: Press Release, 17/05/2021: Recovery and Resilience Facility: Cyprus submits official recovery and resilience plan https://ec.europa.eu/commission/presscorner/detail/en/ip_21_2527
European Commission: Press Release, 08/07/2021: NextGenerationEU: European Commission endorses Cyprus's €1.2 billion recovery and resilience plan https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3485
European Commission: Questions and answers: European Commission endorses Cyprus's €1.2 billion recovery and resilience plan (8 July 2021) https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_3486
European Commission: Statement by President von der Leyen on Cyprus' recovery and resilience plan (8 July 2021) https://ec.europa.eu/commission/presscorner/detail/en/statement_21_3565
European Commission: Press Release, 09/09/2021: NextGenerationEU: European Commission disburses €157 million in pre-financing to Cyprus https://ec.europa.eu/commission/presscorner/detail/en/ip_21_4624

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