The Presidency of the Republic of Cyprus has welcomed the announcement of the disbursement of €157 million in pre-financing, as part of the funds and loans to be provided under the EU Recovery and Resilience Facility (RRF), noting that this is a “historic” day for the country and reiterated the government`s commitment to implement the necessary reforms which will lead Cyprus to a new era.
“Today is a historic day for our country,” the Presidency said in a press release referring to the announcement by European Commission President Ursula von der Layen on the disbursement of the funds.
The funds, according to the press release, are 157 million euros which are disbursed to Cyprus by way of pre-financing, adding that the amount is equal to 13% of the grants and loans allocated to the country.
This first payment “will be used to fund investments and reforms which are expected to have a deep transformative effect to Cyprus` economy and society,” the presidency notes.
In particular, it says, the funds will be used to take steps for energy efficiency, renewable energy sources, to promote sustainable and green growth and digitise public services. Funds will also be used to increase the quality of education and training through the reform of the education system.
According to the Presidency, the national plan “Cyprus – Tomorrow” is “an ambitious and realistic plan which constitutes our country`s new vision.”
The government, it says, “remains committed to the plan`s implementation through the promotion of the necessary reforms which will lead Cyprus to a new era.” It also reiterates that in order for this national goal to be reached the contribution of all institutions is necessary.