Cyprus Mail
Business Cyprus

ESM approves €150 mln for Cyprus

The Board of Directors of the European Stability Mechanism (ESM) has approved  the disbursement of €150 million to Cyprus, following the positive assessment of the third quarterly review of the island’s macroeconomic adjustment programme.

“This disbursement marks another successful completion of the review and the authorities’ commitment to the programme. It is important to maintain the reform momentum as many challenges still lay ahead,”ESM Managing Director Klaus Regling said.

The current disbursement will bring the total amount of ESM financial assistance for Cyprus to €4.75 billion.

The remaining portion of the approximately €9 billion committed to Cyprus by the ESM is scheduled to be paid in quarterly disbursements until 2016.

Cyprus and the so-called troika of international lenders — European Commission, International Monetary Fund and the ECB — agreed last year on €10 billion bailout to cover the island’s financing needs and to recapitalise the banking sector.

Related Posts

Russia to legalise cryptocurrency as means of payment ‘sooner or later’ – minister

Reuters News Service

Tesla brand threatened by Musk harassment claim, criticism of Democrats

Reuters News Service

Renault unveils hydrogen-powered prototype SUV in race to cleaner driving

Reuters News Service

Villages left reeling amid bank closures, ATM squeeze in digital push

Nick Theodoulou

Guitar and tango sounds at Rialto Theatre

Eleni Philippou

More than one third of Cyprus land ‘protected’, sixth highest in EU

Staff Reporter

6 comments

Comments are closed.