€2.5b Russian loan repaid two years early

Cyprus has fully repaid a €2.5 billion loan from Russia, secured in 2011 by the previous administration, Finance Minister Harris Georgiades said recently.

Georgiades announced the early repayment of the loan, whose balance was €1.58 billion, on Twitter.

“Cyprus can now comfortably finance its needs from international markets,” he added.

Excluded from the financial markets, in 2011 Cyprus secured a €2.5 billion from the Russian Federation in a bid to cover its financing needs.

The loan’s repayment period was extended to 2021 and the interest rate was cut to 2.5%, from 4.5%, in 2013, after Cyprus sought a bailout.

Source: Cyprus Mail

Cyprus Profile

articles | 02 September 2019