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Cyprus to make payments on its Russian loan on time — ambassador

February 24, 2015, 11:42 UTC+3 MOSCOW

The loan ammounts to €2.5 billion

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MOSCOW, February 24. /TASS/. Cyprus won’t need another restructuring on the loan it received from Russia and will meet its obligations on time, Georgios Kasoulides, ambassador of the Republic of Cyprus to Russia said in an interview with TASS.

In 2011, Russia lent Cyprus €2.5 billion for five years, with an annual interest rate of 4.5%. In 2013, amid the economic crisis, Cyprus’ government asked Moscow to restructure the loan. Russia agreed to extend the maturity until 2021 and to cut interest rate to 2.5%

In an interview with TASS, the ambassador also said that Cyprus welcomes new airline companies on its market including Russian ones.

In January, Cyprus closed down its flag carrier Cyprus Airways after the European Commission ordered the struggling airline to pay back more than €65 million in illegal state aid.

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