|Author (Corporate)||European Commission: Secretariat General|
|Series Details||COM (2021) 398|
|Content Type||News, Policy-making|
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).
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.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|Countries / Regions||Cyprus|
|International Organisations||European Union [EU]|