Tourism projects of 1 bln euros

Tourism projects of 1 bln euros

The Interministerial Committee for Strategic Investments is expected to green-light three investments with a total budget of 1 billion euros in the tourism sector on Monday, when it is scheduled to convene. They concern developments at Petalioi, Astakos and in the Peloponnese. Their approval by the Interministerial Committee will mark the start of the licensing […]

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Major plans to develop Famagusta

Major plans to develop Famagusta

Cypriot President Nikos Christodoulides has announced 30 new projects to boost the development of the free part of Famagusta district with a total budget of 122 million euros. They are aimed at improving infrastructure, local services, and the overall well-being of residents. The announcement came during a regional gathering held in Paralimni as part of […]

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Q4 growth seen at 2.6% in Cyprus

Q4 growth seen at 2.6% in Cyprus

Cyprus’ GDP growth rate in real terms during the fourth quarter of 2024 is estimated at 2.6%, according to a provisional report published by the Cyprus Statistical Service (CyStat) on Friday. Based on seasonally and working day adjusted data, GDP growth in real terms is estimated at 2.9%. The positive GDP growth rate is mainly […]

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EIB Investment Survey: Cypriot businesses more integrated into global trade than EU counterparts

EIB Investment Survey: Cypriot businesses more integrated into global trade than EU counterparts

Companies in Cyprus weathered the health, price and trade shocks of the past five years relatively well, according to a European Investment Bank (EIB) Group survey. Cypriot businesses are also more integrated into global trade than their peers elsewhere in the European Union, new country results from the EIB Group Investment Survey (EIBIS) show. EIBIS […]

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Cyprus approves development plan for Aphrodite gas field with Chevron

Cyprus approves development plan for Aphrodite gas field with Chevron

Cyprus on Friday approved Chevron’s development plan for the Aphrodite natural gas field. The development plan includes a floating production unit in Cyprus’s exclusive economic zone and a pipeline to transport natural gas to Egypt, the energy ministry said in a joint statement with Chevron Cyprus Limited (CCL). The project will be developed by a consortium comprising […]

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President outlines €122m plan for Famagusta development

President outlines €122m plan for Famagusta development

President Nikos Christodoulides this week announced a €122 million initiative designed to significantly enhance infrastructure and public services throughout the Famagusta district. The president outlined the details of this plan, wihch includes 30 new and ongoing projects, during a regional meeting in Paralimni, as part of his broader tour of Cyprus’ municipalities. Christodoulides pointed out […]

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Cyprus Business Now: weekly wrap-up

Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting February 10: Cypriot banks have lowered their key interest rates, with expectations of further reductions throughout 2025, in response to decisions made by the European Central Bank (ECB). The director of retail banking at the Bank of Cyprus, Theodosios Theodosiou, stated in an interview with state […]

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Cyprus schools turn cooking oil into biofuel in award-winning “Tiganokinisi” initiative

Cyprus schools turn cooking oil into biofuel in award-winning “Tiganokinisi” initiative

A pioneering environmental programme in Cyprus is transforming used cooking oil into biofuel by enlisting schoolchildren as collection agents, achieving strides in tackling waste management. The “Tiganokinisi” (frying pan) initiative, which became part of Cyprus’s national curriculum in 2018, reaches more than 80,000 schoolchildren annually through a mobile science laboratory that visits schools across the island. […]

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