Cyprus receives part of loan from Russia

The first installment, worth 590 million euros, of a 2.5-billion-euro loan from the Russian Federation was received on Thursday by the Republic of Cyprus, to enhance the public sector's cash flow and cover the Republic's financing needs for 2012.

According to an official press release, the final agreement for the loan was signed on December 23, by the Deputy Minister of Finance of the Russian Federation Sergey Storchak on behalf of the Government of the Russian Federation and by the Minister of Finance Kikis Kazamias on behalf of the Government of the Republic of Cyprus.