Cyprus this week requested from the European Commission the fifth tranche of funds from the Recovery and Resilience Facility (RRF), a statement said on Thursday.

Pending approval from Brussels, the fifth tranche amounts to €120.3 million.

According to the European Commission, this tranche covers 20 milestones and eight targets. Among others, they relate to reforms improving the resilience of the banking sector, addressing shortcomings in the system of issuing and transferring title deeds, and updating the evaluation system for teachers in public schools.

The tranche also relates to investments in healthcare (information systems) as well as the deployment of a digital system for the Securities and Exchange Commission.

Cyprus’ Recovery and Resilience plan as amended in December 2023 provides for €1.22 billion in grants and loans, featuring 136 measures, including 61 reforms and 75 investments. The plan covers policy sectors which could contribute to sustainable growth.

With the disbursement of the fifth tranche, total payments by the RRF since 2021 will amount to €500 million – approximately 50 per cent of the total allocation to Cyprus.

Cyprus had requested the fourth tranche – amounting to €77 million – back in July.