Cyprus to ask for tranche of EU resources

Cyprus to ask for tranche of EU resources

The Cypriot authorities are expected to submit a request for the first disbursement for the National Recovery and Resilience Plan, amounting to 85 million euros, in the third week of July, Permanent Secretary of the Directorate General for Growth Theodosis Tsiolas has said, noting that the delay in the first disbursement has derailed the timeframe of the second disbursement as well.

Under the Cypriot plan, totaling €1.2 billion in grants and loans, Cyprus was expected to submit its request for the first disbursement in February 2022. However, a disagreement between the government and the Parliament over a bill granting Credit Acquiring Companies (CACs) access to guarantors’ financial data delayed the last of the total 14 preconditions which would unlock the first disbursement.

Last Monday, the Parliament’s finance committee and the Finance Ministry reached an agreement on the bill that would grant CACs access to guarantor’s data in specific cases and following a request.

“A technical agreement has been reached in the Parliament; this will be vetted by the Finance Ministry and the Law Office and the European Commission will be notified [for approval],” Tsiolas stated.

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