The EU gave the green light to the amended recovery and resilience plans submitted by Cyprus, Greece and Spain, during Tuesday’s meeting of its economic and financial affairs council in Brussels.
The 27 ministers agreed with the analysis of the European Commission, which found that the targeted modifications put forward by the member states did not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.
Cyprus submitted targeted amendments to its plan in October, bringing its total value to €1.2 billion in grants and loans.
Greece’s plan is worth €36.6 billion and Spain’s €163 billion.
The Recovery and Resilience Fund was created as part of NextGenerationEU to support European economies after the Covid 19 pandemic and was later adapted to help member states deal with the effects of Russia’s invasion of Ukraine on energy security.
Each country’s plan sets out reforms and investments to be completed by August 31, 2026, with each milestone connected to the disbursement of funds.
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