![](\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/01\/cyprus-to-receive-e20-9-million-from-the-repowereu-plan.jpg\")
<\/p>\n<\/p>\n
Finance Minister Makis Keravnos said Thursday that Cyprus stands to receive the first tranche worth \u20ac20.9 million from the EU\u2019s Recovery and Resilience Facility, as an advance payment for implementing measures stipulated in the REPowerEU plan.<\/p>\n
REPowerEU is Brussels\u2019 plan to rapidly reduce dependence on Russian fossil fuels and fast forward the \u2018green transition\u2019.<\/p>\n
The island can tap up to \u20ac104 million from REPowerEU, through the national recovery and resilience plan \u2013 dubbed \u2018Cyprus Tomorrow\u2019 \u2013 for implementing additional reforms and for new incentives schemes for energy-related upgrades and for electrical vehicles. The implementation timetable is the year 2026.<\/p>\n
To date, the finance minister added, Cyprus has received \u20ac263 million from the EU\u2019s EU\u2019s Recovery and Resilience Facility.<\/p>\n
And once EU authorities complete their vetting of Cyprus\u2019 requests \u2013 filed on December 15 \u2013 for the disbursement of the second and third tranches from the Recovery and Resilience Facility, the island stands to receive another \u20ac152.2 million.<\/p>\n
In order for the \u20ac152.2 million to be disbursed, Cyprus must achieve 38 \u2018milestones\u2019. These funds are expected sometime in the first quarter of this year.<\/p>\n
According to the finance ministry, during 2024 Nicosia will file two more requests to the European Commission \u2013 relating to the fourth and fifth tranches from the Recovery and Resilience Facility. These concern \u20ac197 million.<\/p>\n
Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"
Cyprus is set to receive the first tranche of \u20ac20.9 million from the EU’s Recovery and Resilience Facility as an advance payment for implementing measures in the REPowerEU plan. REPowerEU aims to reduce dependence on Russian fossil fuels and accelerate the green transition. Cyprus has the potential to access up to \u20ac104 million from REPowerEU through its national recovery and resilience plan, “Cyprus Tomorrow,” for reforms and incentives related to energy upgrades and electric vehicles, with a deadline of 2026. Cyprus has already received \u20ac263 million from the Recovery and Resilience Facility. The country expects to receive an additional \u20ac152.2 million upon the EU’s approval of its request, submitted on December 15, for the second and third tranches, contingent upon achieving 38 milestones. This disbursement is anticipated in the first quarter of the year. The finance ministry indicates that Cyprus will request the fourth and fifth tranches from the Recovery and Resilience Facility during 2024, amounting to \u20ac197 million.<\/p>\n","protected":false},"author":3,"featured_media":2303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[186,3,358,379,518,250,64,406,519],"class_list":["post-2302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-business","tag-cyprus","tag-energy","tag-eu","tag-finance-minister","tag-google","tag-makis-keravnos","tag-nicosia","tag-recovery-and-resilience-plan"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n