Finance Minister Makis Keravnos said Thursday that Cyprus stands to receive the first tranche worth €20.9 million from the EU’s Recovery and Resilience Facility, as an advance payment for implementing measures stipulated in the REPowerEU plan.

REPowerEU is Brussels’ plan to rapidly reduce dependence on Russian fossil fuels and fast forward the ‘green transition’.

The island can tap up to €104 million from REPowerEU, through the national recovery and resilience plan – dubbed ‘Cyprus Tomorrow’ – for implementing additional reforms and for new incentives schemes for energy-related upgrades and for electrical vehicles. The implementation timetable is the year 2026.

To date, the finance minister added, Cyprus has received €263 million from the EU’s EU’s Recovery and Resilience Facility.

And once EU authorities complete their vetting of Cyprus’ requests – filed on December 15 – for the disbursement of the second and third tranches from the Recovery and Resilience Facility, the island stands to receive another €152.2 million.

In order for the €152.2 million to be disbursed, Cyprus must achieve 38 ‘milestones’. These funds are expected sometime in the first quarter of this year.

According to the finance ministry, during 2024 Nicosia will file two more requests to the European Commission – relating to the fourth and fifth tranches from the Recovery and Resilience Facility. These concern €197 million.