"Cyprus’ overall recovery and resilience plan will be financed by €0.9 billion in grants and €0.2 billion in loans," the Commission says in a press release.

Payments under the RRF, it adds, "are performance-based and contingent on Cyprus implementing the investments and reforms outlined in its recovery and resilience plan."

"This first payment request relates to 14 milestones and targets covering several investments and reforms in the areas of energy efficiency, electricity market, circular economy, anti-corruption and transparency, financial sector and public administration, digital skills and audit and controls," the press release specifies.

The Commission, it says, "will now assess the request."

"Following that, the Commission will send its preliminary assessment of Cyprus’ fulfillment of the milestones and targets required for this payment to the Council's Economic and Financial Committee," the press release concludes.

Source: Knews