Cyprus has received additional €119.8 million from the EU Recovery and Resilience Facility, President of the Republic Nikos Christodoulides said, stressing that the goal is for the resources to be transformed into tangible results for the economy and society.
In his written statement, the President states that last Friday, the Republic of Cyprus received another €119.8 million from the Recovery and Resilience Facility.
With the new disbursement, he notes, Cyprus has received €709 million grants, i.e. 70% of the total amount of €1.02 billion, while with the final disbursement expected in December, total grants are expected to reach approximately €992 million, i.e. a very high absorption rate of 97.3% of the total amount, he adds.
This development, the President notes, is the result of systematic and intensive work, close monitoring of schedules, daily coordination between Ministries and Services and continuous evaluation of the implementation progress of each milestone and each project.
“The goal was clear, not to waste neither time nor available European funding and, above all, to transform the resources into tangible results for the economy and society” the President underlines, adding that the Plan was completed with 221 milestones and objectives and 61 significant reforms in August 2026.
He notes that through infrastructure projects of approximately €600 million and 40 grant projects of €420 million, over 850 businesses were supported and 300 Research and Innovation projects were financed, approximately 50,000 homes installed photovoltaics, including 7,000 vulnerable households, approximately 4,300 citizens received a grant for an electric vehicle, approximately 90,000 properties were supported for connection to high-speed networks, while 4,800 children received tuition subsidies for preschool education and 750 employers received support for hiring unemployed persons.
In addition, he says, some other projects were completed, such as the Cyprus Blood Center, upgraded hospital infrastructure, photovoltaics and thermal insulation in 405 schools, multi-purpose centers for children, two model special education schools, smart water and electricity meters and the CY ALERT early warning system.
The President thanks all Ministries, Deputy Ministries, Departments and Services, local authorities, social partners and all those who worked for its implementation, especially the Ministry of Finance and the Directorate of Growth “for their decisive coordinating role”, as well as the House of Representatives “for its contribution to the timely passage of important reforms associated with the completion of the Plan”.
“A great European opportunity was transformed into specific projects, reforms and investments. With systematic work, close monitoring and consistency in implementation, the goals are transformed into tangible results that remain in society and the economy”, the President concludes.
