Recovery and Resilience Plan
Cyprus Recovery and Resilience Plan (RRP) for the period 2021-2026 has been submitted to the European Commission in May 2021 and its positive evaluation has been approved by the EU Council in July 2021.
The strategic goal of Cyprus RRP is “the enhancement of the resilience of the economy and that of the country’s potential for an economic, social and environmentally sustainable long-term growth and welfare”. The RRP with a total budget of approximately €1.2B, is distributed between a grant of €1.0B and a loan of €200M by the European instrument. The RRP promotes the utilisation of 133 investment and reformation measures, with deadline the year of 2026, in five policy pillars that are bound to the strategic objective and the pursuit of the Plan:
Public Health and Protection Policy - Lessons learned from the Pandemic
Quick Transition to a Green Economy
Enhancement of Economy Resilience and Competitiveness
Towards a Digital Era
Employment, Social Protection, Education and Human Resources
The RRP interventions aim at confronting the major challenges that the European Commission has identified in the Cyprus economy, as they are mentioned through the Country’s Reports and Per Country References that are issued in the context of the European Semester. A special attention is paid on the green (41% of the RRP resources) and the digital transition (23% of the RRP resources), on the enhancement of resilience and long-lasting growth of the economy, in the creation of new employment positions, as well as, in general, in the creation of social and territorial cohesion conditions.
Cyprus RRP interventions, including milestones and objectives that have been placed in the context of the Plan, are described in the Section of the Council Implementing Decision (EU) for Cyprus Plan approval.