With the aim to address the economic and social impact of the COVID-19 pandemic, promote sustainable development and ensure the resilience of the EU economy, the European Commission introduced in 2020 a temporary funding instrument for the EU recovery and exit from the crisis. This Next Generation EU recovery instrument, with a total budget of €750 billion has been included in the EU Multiannual Financial Framework of the 2021-2027 period.
Through the Recovery and Resilience Facility (RRF), which constitutes the centerpiece of the Next Generation EU, a total amount of €672.5 billion will be made available in loans and grants to support reforms and investments undertaken by Member States, with the aim to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions. In order to get access and benefit from the support of the RRF, the Member States have to prepare comprehensive national plans.
The Cyprus Recovery and Resilience Plan (RRP) was submitted to the European Commission on May 2021 and it’s positive assessment was approved by the Council of the EU in July 2021. The Cyprus RRP is structured around six (6) Policy Axes and thirteen (13) Components, all aligned with the Plan’s strategic goal and objectives. The key strategic goal of the Cyprus RRP is about «strengthening the economy’s resilience and the country’s potential for economically, socially and environmentally sustainable long-term growth and welfare»
The RRP, with a total budget of €1.2bln, promotes the implementation of 133 investment and reforms, with an implementation period up to 2026, including 35 Grant Schemes addressed mainly to enterprises, as well as to public and private bodies, NGOs and individuals, in thematic areas falling under all 6 RRP policy axes:
- Public health, civil protection and lessons learned from the pandemic
- Accelerated transition to a green economy
- Strengthening the resilience and competitiveness of the economy
- Towards a digital era
- Labour market, social protection, education and human capital
- REPowerEU
The Plan aims to effectively address the key challenges identified by the European Commission for the Cyprus economy, in the context of the European Semester, particularly those identified in the Country Reports and the Country-specific recommendations adopted by the Council. It also includes measures to address the challenges and reap the benefits of the green and digital transitions, as well as to contribute to enhancing resilience and long-term growth, job creation, social and territorial cohesion.
More info in the RRP Cyprus website: http://www.cyprus-tomorrow.gov.cy