Solely three of 14 preconditions set by the EU earlier than disbursing specified funds protecting the interval as much as 2021’s finish beneath Cyprus’ Restoration and Resilience Facility (RRF) have been carried out up to now.
However all 11 pending objectives must be met throughout the deadline agreed between Nicosia and the Fee earlier than Cyprus receives the second disbursement of €85 million by February 2022.
And this causes the Finance Ministry nice anxiousness, Philenews reported on Friday citing insiders.
In September, the Fee disbursed €157 million to Cyprus in pre-financing, equal to 13% of the grant and mortgage part of the nation’s monetary allocation.
The pre-financing fee beneath the RRF aimed to kick-start the implementation of the essential funding and reform measures outlined in Cyprus’ restoration and resilience plan.
The nation is about to obtain €1.2 billion in complete over the lifetime of its plan, with €1 billion offered in grants and €200 million in loans.