4 Sep 2012 10:23

Russia agrees to EUR 5 bln credit for Cyprus, Cypriot media reports

NICOSIA. Sept 4 (Interfax) - The Russian authorities have agreed to extend Cyprus EUR 5 billion ($6.3 billion) under a two-party credit, local Cypriot media are reporting.

The first to write on this was the paper Politis, which did not cite any sources for the report. The credit, Politis said, will be provided to Cyprus in coordination with the International Monetary Fund (IMF).

Reuters reports that the Cypriot authorities have yet to officially confirm the extension of this credit by Russia. Finance Minister Vassos Shiarly said he was unaware of any new developments in negotiations with Russia.

Russia had last December extended Cyprus a 4.5-year credit of EUR 2.5 billion at 4.5% per annum.