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Cyprus receives €250m in EU pandemic loan

File Photo: European Commission President Ursula Von Der Leyen Departs After The First Day Of A European Union (eu) Summit At The European Council Building In Brussels
FILE PHOTO: European Commission President Ursula von der Leyen

The European Commission  on Tuesday disbursed €14bn to nine EU countries, including Cyprus, in the second instalment of financial support to Member States under the SURE instrument.

“Today Cyprus will receive €250m through SURE for safeguarding jobs over the course of the pandemic. In total Cyprus will receive €479m through SURE,” European Commission President Ursula von der Leyen said.

The support, in the form of loans granted on favourable terms, will assist member states in addressing sudden increases in public expenditure to preserve employment.

Specifically, they will help cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, including for the self-employed.

The SURE instrument can provide up to €100bn in financial support to all member states. The Commission has so far proposed to make €90.3bn in financial support available to 18 member states. The next disbursements will take place over the course of the months ahead, following the respective bond issuances.

V on der Leyen said: “The second wave is hitting Europe hard. The EU is here to support. We want to protect people from this virus and we also want to protect their jobs, as this crisis affects businesses too. Many jobs are on the line. With SURE, we mobilise up to €100bn in loans to EU countries to help finance short-time work schemes. This second disbursement of €14bn will help workers receive an income. More will come.”

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