Cyprus has fully repaid a €2.5 billion loan from Russia, secured in 2011 by the previous administration, Finance Minister Harris Georgiades said on Monday.

Georgiades announced the early repayment of the loan, whose balance was €1.58bn, on Twitter.

“Cyprus can now comfortably finance its needs from international markets”, he added.

Excluded from the financial markets, in 2011 Cyprus secured a €2.5bn from the Russian Federation in a bid to cover its financing needs.

The loan’s repayment period was extended to 2021 and the interest rate was cut to 2.5 per cent, from 4.5 per cent, in 2013, after Cyprus sought a bailout.

Source: cyprus-mail