Thirteen Cypriot firms receive money owed by Libya

Commerce Minister Antonis Paschalides said that in the next few days, 13 Cypriot firms would be receiving 50% of the amount of money owed by Libya to Cyprus businesses.

The debt has accumulated since 1980 for goods and services provided to Libya by Cypriot companies.

Libya’s total debt to Cyprus reaches 5.886.163 euro, including both export guarantees provided by the Republic of Cyprus and business debts.

Speaking to the press on Thursday, Paschalides said that last March, following intense negotiations and agreements between the two countries, the Libyan government paid back 2.942.677 euro.

“Given the ongoing uprising” in Libya he added, “the rest of the money was not received, however we will continue our efforts”.

According to the Minister, Libya owes money to a total of 23 Cypriot firms and businesses; however, some of these firms are under liquidation process or no longer exist, “therefore”, as Minister added “for the time being we are facing with some practical and judicial matters”.

Manthos Mavromatis, Chairman of the Cyprus Chamber of Commerce and Industry, said that the agreement is “extremely important” and it is the outcome of “the close cooperation between the public and the private sectors”.