President of the Republic Nicos Anastasiades has congratulated the Minister of Finance Harris Georgiades for the successful 10-year bond issuance, noting that after almost four years of contraction, Cypriot economy is returning to positive economic growth.
As stated in the Cyprus News Agency, the Republic of Cyprus has raised €1 billion from the 10-year eurobond (EMTN) issued on October 27, at a yield of 4.25%, which, according to Georgiades, is the lowest ever pricing for a 10-year bond for Cyprus.
In his speech at an event organised for RCB Bank’s 20th Anniversary, President Anastasiades said, “Now that our economy is recovering and returning to growth, we can only applaud RCB’s expansion plan in the local market with the opening of new branches and the consequent creation of new jobs, as well as the increase in its loan portfolio to Cypriot businesses”.
“The Cypriot economy is emerging out of its most challenging period to date. The last two years are a prime example of what can be achieved with vision, detailed planning and prudence. Hard work and the common effort of the public and the private sector can turn an economy in distress towards stability and prosperity”, he stated.
President noted that “after almost four years of contraction, we are witnessing a return to positive economic growth from the beginning of this year, a growth that is projected to be maintained. The results are already visible. Last week, Fitch Ratings upgraded Cyprus' economy by two notches, with a positive outlook, pointing out the positive fiscal performance and the return to growth”.
“We were successful in entering the credit markets today and I congratulate the Minister of Finance”, he added.