Speaking at a joint conference organised by the CBC and the European Stability Mechanism (ESM), he stressed the need for sustainability, innovation, and inclusiveness in shaping Cyprus’ economic future.
Patsalides opened his remarks by welcoming distinguished speakers and participants, acknowledging the pivotal moment Cyprus finds itself in.
“Cyprus stands at a pivotal moment in its ongoing economic evolution,” he said.
Reflecting on the past decade, he noted the country’s progress in shifting its economic and banking models, from recovering after the 2013 financial crisis to building a more diversified and resilient economy.
Specifically, the conference focused on the significant economic progress Cyprus has made over the past decade, the current state of its economy, and future challenges.
The event brought together policymakers, economists, financial sector executives, and private sector representatives to discuss key economic developments and risks.
Wim Van Aken, Head of Mission for Cyprus and Senior Adviser to the Chief Economist of the ESM, echoed these sentiments, emphasising the necessity of institutional dialogue in identifying and assessing risks and vulnerabilities.
“The collaboration between the CBC and the ESM, including this conference, has strengthened the understanding of such risks and vulnerabilities through joint analysis,” he stated.
According to an announcement by the bank, CarVal has decreased its shareholding from 3.07 per cent to 2.99 per cent following its latest sale of shares.
This comes shortly after the previous transaction was disclosed, indicating a continued reduction in the fund’s involvement with the Cypriot financial institution.
Prior to this recent wave of sales, CarVal held a 4.99 per cent stake in the Bank of Cyprus.
However, successive transactions over the past week have seen this shareholding decline significantly.
The event, held in Brussels on March 19-20 by the European Shipowners’ Association, featured Hadjimanolis in a panel discussion titled ‘Building Industrial Capacity: the skills challenge.’
During this session, she stressed the importance of comprehensive training programmes and policy initiatives designed to bolster the maritime workforce in anticipation of skilled personnel shortages.
According to an announcement released on Friday, the Cypriot minister emphasised “the fundamental role of women in shipping”.
Hadjimanolis argued that they have “consistently demonstrated their ability to meet the rigorous demands of the seafaring profession”.
All necessary agreements with the financing banks were signed on the same day, marking a significant step forward in the expansion plans.
Additionally, an agreement has also been signed with the joint venture Bouygues Batiment International SAS and Iacovou Brothers (Constructions) Ltd, which has undertaken the construction of the Phase 2 works, as specified in the agreement signed with the government on December 23, 2024.
Concurrently, following a selection process with the participation of the transport ministry, the company that will perform the duties of the independent engineer, monitoring the progress of the works based on the agreed specifications and timelines, has been selected.
According to the announcement, the company is proceeding with the activation of all working groups, to formally initiate the Phase 2 work, which are expected to be completed in 30 months at Larnaka Airport and in 27 months at Paphos Airport.
This issue has urged banks to install additional ATMs in these remote regions, with a modest expansion of 10 new machines aimed at improving service accessibility for these vulnerable populations.
However, according to Cyprus Mail sources, the number of new ATMs in remote areas may rise above that number.
The same sources put the approximate annual cost of an ATM at €50,000, regardless of the volume of usage. This cost has been a factor for banks when planning or adjusting their ATM network.
As of June 2024, the overall number of ATMs in Cyprus experienced a slight decline, dropping to 397, down from the 416 ATMs recorded in June 2022.
The signing ceremony took place at the Tepak premises in Limassol. The agreement was signed by Tepak rector Panagiotis Zafeiris and the director of EKT Kyriakos Tolias.
According to an announcement released on Friday, the collaboration between the two entities “includes the exchange of expertise, data, information, and best practices on topics of mutual interest”.
According to a statement issued on Friday, the bank acquired a total of 312,726 ordinary shares between March 14, 2025, and March 20, 2025.
Each share, valued at €0.10, was purchased on the Cyprus Stock Exchange and the Main Market of the Regulated Market of the Athens Stock Exchange through the company’s appointed brokers, the Cyprus Investment and Securities Corporation Ltd.
The acquired shares are expected to be cancelled upon the conclusion of the buyback programme.
The proposed building, to be developed by by P.G. Economides Properties Ltd, will stand at a height of 87 metres and will comprise a mixed-use office and commercial space.
According to the architectural plans, the development will feature a ground floor, a mezzanine, a rooftop garden, two basement levels, and 18 storeys.
The completion timeline for the project is estimated at 28 months following the acquisition of all necessary permits.
The minister said the company undertaking the project appeared to have solutions for the technical aspects, while Greece’s Independent Power Transmission Operator (Admie) and the EU were called upon to solve the financial and geopolitical problems.
“This is what is currently happening,” Papanastasiou told the Cyprus News Agency.
Papanastasiou said Cyprus and Greece referred to the issue during the recent EU energy ministers’ council, where the Cypriot minister said “the EU along with the countries involved must handle any financial and geopolitical challenges.”
The scholarships were awarded at a ceremony earlier this month, which saw 30 students from the University of Cyprus, the European University, the University of Nicosia, Frederick University and the Cyprus University of Technology receive funding.
The selection process was carried out with the participation of a representative from the education ministry, the innovation deputy ministry and a professor from each university.
It is the fourth consecutive year, Huawei has invested in the future of young people by providing scholarships to students from public and private universities in Cyprus.
With this in mind, Cyprus will host the leading international conference ‘Unlocking Investment Through PPPs’ on March 26 and 27, 2025, in Nicosia, which aims to highlight and explain the opportunities that public-private partnerships can create.
The conference is organised by Invest Cyprus, the World Association of Investment Promotion Agencies (WAIPA), and the World Association of PPP Units and PPP Professionals (WAPPP) under the auspices of the Republic of Cyprus.
It will feature experts from abroad and government officials, presenting successful examples, opportunities, and current trends in PPPs.
Tannousis underlined the critical role of PPPs in overcoming challenges related to major infrastructure projects.
“The partnership between the private and public sectors is the best practice followed in many countries,” Tannousis explained.
The scholarships were granted based on socio-economic criteria and academic performance. Among them, 21 scholarships of €1,000 each were funded by the non-profit organisation LetsHelp for top-performing undergraduate students in the 2024-2025 academic year.
An anonymous donor contributed 15 scholarships of €1,000 each, while the Panayiotis and Maroula Kountouris foundation, established in 1992 to support education, provided ten scholarships of the same amount.
Additionally, the Sievert Larsson organisation, founded in 2007 to help young people pursue higher education, awarded another ten scholarships.
The University of Cyprus itself funded a €2,000 scholarship in memory of the late Philippos Pattouras, while another €1,000 scholarship was given in memory of Elena Maimari.
