The International Monetary Fund, European Union and European Commission, known as the troika, agreed to lend Cyprus 10 billion euros (£7.2 billion) in March 2013.

They went to Nicosia to assess the country's progress with the conditions of the program, including a foreclosures law seen as crucial to the release of the next disbursement of aid.

"Significant progress towards staff-level agreement on the review has been made and the teams look forward to a swift conclusion as soon as all elements of the insolvency and foreclosure framework are available," the lenders said in a statement.

(Reporting by Anna Yukhananov; Editing by Chizu Nomiyama)