Cyprus’ finance minister said on Monday that the country has repaid ahead of schedule the remaining 1.58 billion euros ($1.73 billion) of a 2.5 billion euro ($2.74 billion) loan it received from Russia in 2011 amid a brewing financial crisis.
Harris Georgiades told The Associated Press on Monday that the repayment has been completed fully two years in advance without Cyprus incurring a penalty thanks to an early payback clause.
Cyprus received the loan with a 2.5 percent interest rate to buoy its economy as its banking system faced a meltdown eight years ago. The island nation also staved off bankruptcy after accepting a rescue deal from other eurozone countries and the International Monetary Fund in 2013.
Cyprus’ economy has since rebounded in a robust manner, with the economy growing by 3.2 percent of gross domestic product in the second quarter of this year.
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