Loan disbursements from international financial institutions to Cyprus have reached pound 92.75 million year-to-date, the Finance Ministry Public Debt Management Office has said.
According to the data, loan disbursements account to 66% of the total loans which has been planned for the whole year of 2024, estimated at pound 140 million.
A press release issued by PDMO said that so far pound 32.75 million have been disbursed from the Council of Europe’s Development Bank (fixed rate of 3.25%), while two loans worth pound 30 million each have been disbursed from the European Investment Bank (bearing fixed rates of 3.136% and 3.196% each). All three loans have a 10-year maturity.
The PDMO recalled that the above disbursements are covered by the 2024 Annual Financing Program (Annual Funding Plan) approved by the Minister of Finance, which provides that the total borrowing from bilateral loans will amount to pound 140 million, accounting for approximately 10% of the annual financing totalling pound 1.3 billion.
Source: Cyprus News Agency
