ECONOMY

ESM disburses 1.5 billion euros to Cyprus

The European Stability Mechanism (ESM) has disbursed 1.5 billion euros to Cyprus for the recapitalization of the cooperative banking sector, an ESM statement released Friday said.

The amount was disbursed in a cashless operation involving one series of 18-month ESM floating rate notes (FRN), the statement said. The loan will be repaid in two equal installments of €750 million, due in 2029 and 2030, respectively.

Cyprus has now received a total of 4.5 billion euros in ESM financial assistance out of a total committed amount of approximately 9 billion euros.