Bank of Cyprus Credit Ratings and Financial Position
EU Recovery and Resilience Facility (RRF)
To mitigate the socioeconomic impact of the pandemic & to strengthen the resilience and competitiveness of the Cypriot economy
€1.2 bn
from EU mechanism
€1.0 bn
additional funds
mobilised in Cyprus
58
reforms
75
investments
M
c.7% increase in GDP for 2022-2026
c.3% increase in employment for 2021-2026
+11,000 new high value-added jobs
preparing for a green and digital era
IIIII 75 new investments to be initiated including:
•
•
Interconnection between Cyprus, Greece and Israel
Promotion of diversification and competitiveness via introduction of financing
schemes to SMEs and start-ups
41%
23%
Green Transition
Digital Transition
36%
Other
•
Promotion of sustainable transport (eg: electric vehicles)
.
Prefinancing €157 mn received in Sep 2021 and;
First payment of €85 mn received in Dec 2022
58 reforms to be introduced including:
Modernising public and local authorities, improving efficiency in judicial system
Introducing green taxation
Establishing e-government
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