Cyprus receives €92.75 million in international loans in first half of 2024

Loan disbursements from international financial institutions have reached €92.75 million so far in 2024, according to a statement released on Thursday by the Public Debt Management Office (PDMO).

The office explained that these disbursements represent 66 per cent of the total international borrowing budgeted for this year, which amounts to €140 million.

Specifically, the PDMO reported that on May 25, a loan of €32.75 million was disbursed from the Council of Europe Development Bank, which had a fixed interest rate of 3.25 per cent.

In addition, two loans of €30 million each were disbursed from the European Investment Bank (EIB) on July 8 and July 22, with fixed interest rates of 3.136 per cent and 3.196 per cent, respectively. It should be noted that all three bilateral loans have a ten-year term.

Furthermore, the office said that these disbursements are covered under the annual financing programme for 2024, approved by the Finance Minister.

This programme stipulates that the total borrowing from bilateral loans will amount to up to €140 million, which corresponds to approximately 10 per cent of the annual financing requirement of €1.3 billion.