The funds, obtained in favourable terms and with long maturities, will boost Cyprus’ fiscal capacity to support the labour market amid the coronavirus pandemic.

The first tranche amounting to €150 million was disbursed in November 2020, with the Finance Ministry stating that Cyprus was the first EU – member state to utilise EU funding tools with a view to mitigating the pandemic’s effect on the economy.

“Thanks to sound planning with regard to managing the pandemic, Cyprus was the first member-state to utilise the funding tools provided by the EU to manage the crisis, by timely submitting to the European Commission a formal, detailed and fully justified application to obtain a loan of €479 million aiming to finance the government schemes to support employment,” the Finance Ministry said in a press release late on Tuesday.

(CNA)

Source: In-Cyprus