Amendments to Cyprus’ Recovery Plan
The Cyprus Recovery and Resilience Plan Directorate is currently working with the European Commission to make amendments to the Recovery and Resilience Plan.
The goal is to ensure timely implementation and to redirect funds from less popular projects to more promising ones.
Initially, 40 projects worth 350 million euros were approved, but some, such as medical tourism and electromobility, have not generated the expected interest. As a result, the plan is to modify these projects, which together account for about €20 million. The RRF aims to replace these underperforming projects with ones that have greater potential for interest and absorption of funds.
Discussions between Cyprus officials and the European Commission took place recently, focusing on progress made on the Recovery and Resilience Plan. The Commission appears to be open to the proposed changes, but Cyprus still needs to submit written documentation and justifications to proceed.
Currently, health-related projects have a high success rate in absorbing funds, and there are no anticipated problems in disbursing the next €120 million tranche of the Recovery and Resilience Fund grant.
