Russia and Cyprus sign €2.5-billion loan

Cyprus and the Russian Federation have signed a bilateral loan agreement worth €2.5 billion, with the first installment due before the end of the year. The €2.5 billion loan agreement, valid for 4.5 years, with a nominal annual yield of 4.5 per cent was signed by Finance Minister Kikis Kazamias and Russian Deputy Finance Minister Sergey Storchak in Moscow yesterday, paving the way for a much-needed cash flow injection which will lead Cyprus out of any financial troubles or any support from the EFSF.