Cyprus has been included in the first group of 15 member states to receive €479,070,000 of funds through the programme Support to mitigate Unemployment Risks in an Emergency (SURE).
The government had submitted a timely application to the European Commission for the loan, the Ministry of Finance has said in a statement.
Nicosia submitted eight plans, which were all adopted by the European Commission.
The loan is expected to bring about significant benefits over an average period of 15 years till the expiry of the loan with a lower interest rate.
