First installment of Russian loan to Cyprus by end of December

The Minister added that the second of the three installments of the 2.5 billion euro loan is expected by February next year.

Replying questions about possible funding from other major sources, Kazamias explained that any such loans will be agreed with favorable terms, similar to the ones Cyprus has secured from Russia.

Referring to today's auction of government bonds, Kazamias said it has exceeded the goal to raise 300 million euros, which is very positive because this is the first official test after May, when the first difficulties for Cyprus in accessing the markets appeared.