EU approves Cyprus’ 2nd recovery payment

The European Commission gave on Monday a positive preliminary assessment for 37 of the 38 milestones linked to Cyprus’ second payment request under the Recovery and Resilience Facility (RRF), unlocking €152 million.

The payment will support reforms and investments in public health, education, energy efficiency, anti-corruption efforts, and more.

Key milestones include the establishment of the Independent Authority against Corruption and the introduction of a law facilitating strategic investments in Cyprus.

However, the Commission held back part of the funds due to an incomplete milestone related to tackling aggressive tax planning. Cyprus has additional time to address this issue while still receiving partial payment for completed targets.