RRF

The European Commission said on Monday it had approved a Greek measure to support the construction of a carbon storage facility at Prinos with 150 million euros made available through the Recovery and Resilience Facility (RRF), under EU state aid rules.

The Cyprus Recovery and Resilience Plan Directorate is currently working with the European Commission to make amendments to the Recovery and Resilience Plan.

The goal is to ensure timely implementation and to redirect funds from less popular projects to more promising ones.

Following the European Commission's disbursement to Greece of 1 billion euros in grants from the Recovery and Resilience Facility (RRF) on Wednesday, the total amount disbursed to Greece amounts to €18.2 billion, more than 50% of the total budget of the Greece 2.0 national plan.

The European Commission highlighted in its annual report that the implementation of Greece's Recovery and Resilience Plan is progressing smoothly, though "increased efforts" are needed for timely execution.

The European Commission has given a positive preliminary assessment of Greece's fourth payment request for loans of 2.3 billion euros from the Recovery and Resilience Facility (RRF).

The Commission evaluated the request submitted by Greece in April and assessed that Athens had satisfactory completed the one target set by the European Council for the fourth loan installment.

Greece on Thursday submitted to the European Commission a request for the fourth instalment of funds amounting to 1 billion euros from the Recovery and Resilience Facility (RRF) corresponding to the achievement of 20 milestones and targets.

Alternate Minister of National Economy and Finance Nikos Papathanasis submitted the fourth payment request, amounting to 2.3 billion euros, for the loan part of the Recovery and Resilience Facility (RRF) to the European Commission on Wednesday.

European Economy Commissioner Paolo Gentiloni met with Finance Minister Kostis Hatzidakis on Tuesday and discussed the new framework of fiscal rules, the course of implementation of the Recovery and Resilience Facility (RRF), as well as tax policy issues.

The commissioner for state aid control in Cyprus, Stella Michaelides, announced her decision on Wednesday regarding a scheme aimed at supporting small and medium-sized enterprises titled "Circular Economy Project in Small and Medium-Sized Enterprises (SMEs)."

Greece is among the leaders as regards the implementation of the national Recovery and Resilience Plan and one of just six EU member-states that has already submitted three payment requests to the Recovery and Resilience Facility (RRF), while a fourth payment request will be submitted in April, speakers at a Foundation of Economic and Industrial Research (IOBE) conference revealed on Thursday.<