The end of the summer marks the completion of Cyprus’ Recovery and Resilience Plan, effectively closing a five-year cycle of investments and reforms.
The Recovery and Resilience division at the Finance Ministry’s development directorate is racing to complete all remaining actions included in the plan by the end of August, to ensure full absorption of available funds.
So far, the Republic of Cyprus has received around €589 million, while another €118 million is expected, following a positive evaluation by the European Commission. Once this amount is released, total funding received will reach €707 million. The entire grant budget of €1.02 billion has already been committed, either through public contracts or agreements with beneficiaries of grant schemes, including businesses, individuals, and other organizations.
Of the total funding, 42% is allocated to the green transition, 30% to digital transformation, and 9% to employment, education, skills development and social welfare. The plan was also expected to contribute to growth, with projections showing employment rising by over 2.5% between 2021 and 2026, around 11,000 new jobs.
