€1.2B
Next Generation EU
About Next Generation EU
The Next Generation EU constitutes a temporary instrument that supports the EU recovery and its exit from the crisis that has been caused due to COVID-19 pandemic. It aims both at the confrontation of the instant adverse economic and social consequences that have been caused by the pandemic, and the sustainable development, as well as at the modernisation and the economic enhancement of EU resilience and that of its Member States.
After the coronavirus pandemic, Europe will be more green, more digital, more resilient and better prepared for dealing with future challenges.
The Recovery and Resilience Facility (RRF), which constitutes the core of the “Next Generation EU” instrument, stands as the biggest part of the support towards Cyprus and the other Member States.
Funding Resources and Fund
Based on the above facility, Cyprus is eligible for a grant approximately up to €1.0B as well as for a possible additional lending up to €1.5B. The Recovery and Resilience Plan of Cyprus has been approved by the EU Council in July 2021 and it deals with a total budget of approximately €1.2B that will be funded by RRF. This amount is distributed between a grant of €1.0B and a loan of €200M by the European facility.
Funded Programme
The utilisation of the aforementioned resources will be achieved based on the Recovery and Resilience Plan of Cyprus.