Cyprus receives new disbursement from EU recovery fund

The Republic of Cyprus recently received an additional €119.8 million from the European Union's Recovery and Resilience Facility. This latest payment brings the total amount disbursed to the country to €709 million, which corresponds to 70% of the total €1.02 billion allocated to Cyprus under the program. President Nicos Christodoulides officially announced the development on October 5, 2026, crediting the progress to intensive coordination between government ministries and strict adherence to project timelines.

The national Recovery and Resilience Plan was successfully completed in August 2026, encompassing 221 milestones, 221 targets, and 61 significant reforms. The implementation involved €600 million in infrastructure projects and €420 million dedicated to 40 grant schemes. Benefits have reached over 850 businesses, funded 300 research projects, supported photovoltaic installations for approximately 50,000 homes, and provided grants for electric vehicles to 4,300 individuals.

A final payment is expected in December 2026, which is projected to bring the total receipts to approximately €992 million, reflecting an absorption rate of 97.3%. The government's stated objective remains to fully utilize available European funding to foster economic resilience and provide tangible benefits to society.