Cyprus

Cyprus foreign minister confirms Russia to extend loan terms

by fm

10th May 2013

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1 min read

Russia has agreed to extend the terms of its loan to Cyprus as part of its participation in the bailout of the indebted Mediterranean country, Cyprus's foreign minister said on Thursday.

"And you remember, Berlin was asking for Russian participation (in Cyprus's problems)," Ioannis Kasoulides said after a talk at the Brookings Institution think tank in Washington. "And their participation is to prolong the debt."

A document prepared by international lenders also reported that Russia agreed to extend the maturity of its 2.5 billion euro ($3.3 billion) loan to Cyprus by two years and cut the interest rate, Reuters reported earlier this week. The extended terms provide additional financial relief to the island on top of its EU-IMF bailout.