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The Cyprus Recovery Plan goes for approval in July

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The National Recovery and Sustainability Plan of Cyprus is expected to be approved by the European Commission in July.

The Cyprus Recovery and Sustainability Plan, which provides grants of € 1 billion and € 227 million in the form of loans under the Recovery and Sustainability Mechanism, consists of five Policy Axes: “Public health and civil protection – lessons from the pandemic” , “Rapid transition to a green economy”, “Strengthening the resilience and competitiveness of the economy”, “Towards a digital age”, “Labor market, education and human capital”. Of these, at least 37% should be allocated to actions to address climate change and at least 20% to actions for the digital transition.

READ ALSO: Commission: Approval for Greek recovery plan of € 30.5 billion.

In addition, the Cyprus Plan, which was submitted to the Commission on 17 May, is expected to be approved by the EU Council of Economy and Finance Ministers by the end of August.

The Plan aims to strengthen the resilience of the Cypriot economy and the country's potential for economic, social and environmentally sustainable long-term growth and prosperity and includes a coherent package of costly reforms and investments with a horizon of implementation until 2026.

So far, the first Plans approved by the Commission are those of Portugal, Spain and Greece, which had submitted them in April.

Philenews / ΚΥΠΕ

Source: www.philenews.com

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