InsiderEconomyCyprus fully pays back Russian loan

Cyprus fully pays back Russian loan

Cyprus has fully repaid a €2.5 billion loan from Russia taken out in 2011 by the previous administration.

The last instalment of a total of €1.58 billion took place two years earlier than scheduled, Finance Minister Harris Georgiades posted on his twitter account.

The Minister also wrote that Cyprus can now comfortably finance its needs from international markets.

Excluded from financial markets, Cyprus secured the Russian loan amounting in a bid to cover its financing needs.

The loan, with an interest rate of 2.5%, was rescheduled in 2013 and its expiration was set for 2021.


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