Cyprus needs for funding at €1.3 bln
The financing needs of Cyprus for next year amount to 1.3 billion euros, largely to be covered by the issuance of a €1 billion European medium-term note (EMTN), the Cypriot Finance Ministry’s Public Debt Management Office (PDMO) said last week.
The PDMO has issued Cyprus’ annual financing plan for 2024, approved by the finance minister, Makis Keravnos, on the basis of legislation concerning the arrangement of state requirements. The Public Debt Management Office plans to issue domestic 3-month treasury bills amounting to €120 million, with domestic retail bonds issuances estimated at €40 million.
Loans from supranational organizations, such as the European Investment Bank and the Development Bank of the Council of Europe, are estimated at €140 million for next year, the PDMO has stated.
Cyprus will cover the majority of its financing needs with the issuance of a €1 billion bond to international markets, under the European Medium-Term Note Program.
It is reminded that a year ago, the then finance minister of Cyprus, Constantinos Petrides, had spoken of financing needs of more than €1.5 billion for this year, based on the annual PDMO financing schedule.
