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Petrides Welcomes Disbursement Of Pre-Financing From RRF To Cyprus

Petrides Welcomes Disbursement Of Pre-Financing From RRF To Cyprus

Cyprus' Finance Minister Constantinos Petrides welcomed on Thursday the European Commission’s announcement on the disbursement of 157 million euros to Cyprus in pre-financing, as part of the funds and loans to be provided under the Recovery and Resilience Facility (RRF).

The Minister called on the House of Representatives to join forces with the government to implement necessary reforms.

A press release of the Ministry said that Cyprus has secured €1.2 billion from the RRF to finance its national plan “Cyprus – Tomorrow” in the period until 2026.

It said that the signing of the Financing and Loan Agreements with the European Commission in August, allowed for the disbursement of 13% of the total amount or €156.8mn, as pre-financing.

The implementation of the Plan, said the Ministry, has already begun and stakeholders are proceeding with the implementation of the investment projects and reforms. The plan includes a coherent package of 133 measures, 58 reforms and 75 investments, it added.

The Minister called on the House of Representatives to join forces with the government in implementing reforms, for the successful implementation of the Plan and the disbursement of the total amount of available funding to the benefit of Cyprus, the economy and the citizens.

Source: CNA

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