Cyprus Mail
Business

Russia, Cyprus sign revised loan agreement

Russia and Cyprus on Thursday signed an agreement to restructure a €2.5 billion loan the island received in 2011, the finance ministry said.

The agreement provides for repayment of the loan in eight biannual installments between 2018 and 2021, instead of a one-off payment in 2016.

The interest will be 2.5 per cent as opposed to the initial 4.5 per cent, the ministry said.

The agreement was signed in Moscow by Cypriot Finance Minister Harris Georgiades and Russian Deputy Finance Minister Sergey Storchak.

“The revised terms translate into a direct financial benefit for Cyprus of the order of €160 million up to the end of the (bailout’s) Economic

Adjustment Programme and an improvement in the public debt repayment schedule,” the ministry said.

Georgiades expressed “the gratitude and appreciation of the Cypriot government for the positive response of the Government of the Russian Federation and the anticipation to a further enhancement of the excellent political and economic relations between the two countries,” the statement said.

Related posts

Primary teachers to decide on Thursday whether to support work stoppage

Evie Andreou

Free microchipping programme continues until November 30

Gina Agapiou

British expats in Cyprus given an extra year to apply for residence permits

Jean Christou

Cabinet presents ‘balanced’ 2020 budget, warns of health spending

Jean Christou

Education ministry finds ‘issues’ in how school headscarf incident was handled

Evie Andreou

Cyprus has third highest share of part-time workers in EU

Annette Chrysostomou

8 comments

Comments are closed.