ESM disburses 1 billion euros to Cyprus

The European Stability Mechanism (ESM) on Wednesday disbursed 1 billion euros to the Republic of Cyprus, completing the first tranche of the country’s financial assistance program, a press release said.

The first part of this tranche (2 billion euros) was transferred on 13 May 2013. Both disbursements were made in cash and cover fiscal needs and the roll-over of maturing debt, it said.

As decided by the ESM Board of Governors on 24 April 2013, Cyprus will receive financial assistance from the ESM of up to 9 billion euros during the next three years.