Recovery and Resilience Facility (RRF)
About the Facility
The Recovery and Resilience Facility (RRF) is the core of the Next Generation EU Instrument, that supports with loans and sponsorships the reformations and investments that the EU Member States are utilising.
The objective of the RRF is the mitigation of the socio-economic impacts caused by covid-19 pandemic and it also aims at making the European economies and societies more sustainable, more resilient and better prepared not only for the challenges, but also for the opportunities for the green and digital transition. A prerequisite for the Member States in order to access and utilise the incentive funds of the Recovery and Resilience Facility, it is the preparation of integrated national Plans of Recovery and Resilience.
Based on the above facility, Cyprus is eligible for a grant approximately 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.
The facility scope of the facility refers to policy sectors of European significance, that are structured in six pillars:
with economic cohesion, employment, productivity, competitiveness, research, development and innovation, and a smoothly functioning domestic market with strong SME.
that among others, aims at increasing the crises preparedness and the ability to react to them.
The funding will be utilised through the Recovery and Resilience Plan of Cyprus, whose responsible Coordinating Authority for the coordination and supervision of its implementation, it has been decided to be, based on the Council of Ministers during its session on 21/09/2021, the Directorate of Recovery and Resilience of the Directorate General Growth, Ministry of Finance.