Τhe Republic of Cyprus, through the MoUs it has signed with the donor states (Iceland, Liechtenstein and Norway), will receive until the end of the current programming period 2014-2021 grants amounting to €11.5 mil. Of these, €6.4 mil. come from the EEA Grants and €5.1 mil. come from the Norway Grants, while the Republic of Cyprus will contribute €1.3 mil through co-financing. The projects and actions have started, with the payments' completion horizon set in April 2024.

Through the EEA and Norway Grants, Iceland, Liechtenstein and Norway work closely with partners in 15 EU Member States to help reduce social and economic inequalities and further strengthen bilateral cooperation. The Grants support projects in areas such as environmental protection and management, climate change and renewable energy, justice and home affairs, research and scholarships, civil society, green industry innovation, culture, decent work, and human and social development. For the current period, a total budget of €2.8 billion has been allocated through the Financial Mechanisms.