Nicosia: The Cyprus Asset Management Company (KEDIPES) paid pound 60 million in cash to the state on Thursday. This payment is part of the ongoing effort to repay state aid provided to the former Cyprus Cooperative Bank. Since 2018, the total repayment has reached pound 1.74 billion.
According to Cyprus News Agency, KEDIPES, as the implementing body of the 'Rent Vs Installment' Scheme, has contributed pound 50 million thus far. This amount has been used to include 411 houses in the scheme.
Since the initiation of KEDIPES Asset Management's operations in 2018, the repayment of state aid has accumulated to pound 1,740 million. This total comprises pound 1,680 million in cash repayments, pound 50 million in expenditure for the 'Rent vs Installment' Scheme, and other repayments, such as Hestia plan installments, amounting to pound 10 million.
Additionally, KEDIPES Asset Management has maintained a reserve of pound 80 million in cash to finance the 'Rent vs Installment' Scheme.