Russia Extends Maturity on Cypriot Loan by 2 Yrs, Lowers Interest Rate

Russia Extends Maturity on Cypriot Loan by 2 Yrs, Lowers Interest Rate

Russia has agreed to extended the maturity and reduce the interest rate on its loan to Cyprus, a document prepared by the ECB, the European Commission and the IMF showed.
In 2011 Russia lent Cyprus 2.5 billion euro ($3.28 billion) for a period of five years, with an annual interest rate of 4.5%.
"[..] formal agreement has been reached between the Republic of Cyprus and the Russian Federation on an extension by two years of the maturity for the Russian loan, which will be reimbursed as of 2018, and a reduction of the interest rate from 4.5% to 2.5%," Reuters quoted a document drawn by the troika.
Cyprus has complied with all conditions set by its foreign lenders for the first 3 billion euro tranche from the 10 billion euro bailout to be disbursed to Nicosia later in May, the April 30 document added.


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