A revised Loan Agreement between the Governments of the Republic of Cyprus and the Russian Federation was signed today in Moscow by the Cypriot Minister of Finance Harris Georgiades and Russian Deputy Finance Minister Sergey Storchak.

According to a Finance Ministry press, release issued here today, the Loan Agreement for the amount of EUR 2,5 billion is amended so that the annual interest rate is set from 4,50% to 2,50% and the amortisation schedule consists of eight biannual installments between the years 2018 and 2021 instead of a single repayment in 2016.

Hence, it continues, the revised terms translate into a direct financial benefit for Cyprus of the order of EUR 160 million up to the end of the Economic Adjustment Programme and an improvement in the public debt repayment schedule.

The Minister of Finance 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 press release concludes

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