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The Board of Directors of the European Stability Mechanism (ESM) has approved the disbursement of €600 million to Cyprus.

This resulted after the positive assessment of the fourth quarterly review of Cyprus’ macroeconomic adjustment program and approval of the additional Memorandum of Understanding with Cyprus by the ESM Board of Governors.

ESM APPROVES NEXT TRANCHE OF €600 MILLION 1Klaus Regling, ESM Managing Director, explained that the successful fulfillment of the review is proof of the strong commitment of the Cypriot government to the program. However, further efforts are required to overcome lingering challenges, such as the complete removal of capital controls, reducing non-performing loans, achieving sustained economic growth and sinking unemployment.

Cyprus has by now received, together with this latest disbursement, a total of €5.35 billion from the ESM financial assistance. The remaining amount of about €9 billion is scheduled to be paid in quarterly tranches until 2016.