Cyprus Business Now

The Bank of Cyprus on Thursday announced the establishment of a Sustainable Bond Issuance Framework, with a strategic goal of supporting the nation’s shift towards a more sustainable operational model.

“The framework enables the bank to issue Green, Social and Sustainable Bonds and creates the required link between the bank’s ESG strategy and financing strategy, providing local and foreign investors more opportunities to invest in sustainable projects in Cyprus”, the bank said in a statement.

The bank went on to say that the proceeds from the issuance of said bonds will contribute to the financing of sustainable projects.

Such projects may include renewable energy sources, improving energy efficiency, environmentally friendly transportation, green buildings, access to basic services and healthcare, job creation initiatives, as well as the financing of small and medium-sized enterprises (SMEs).

Finally, the Bank of Cyprus reported that the framework’s compliance with the principles of green, social and sustainable bonds as published by the International Capital Markets Association (ICMA), has been assessed by the rating agency Moody’s.

Cyprus’ industrial turnover recorded a significant annual increase in January 2023, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, the Manufacturing Cycle Index reached 171.2 points during January 2023, marking an increase of 17.1 per cent, compared to January 2022.

Moreover, in the manufacturing sector, the index reached 160.3 points in January 2023, marking an increase of 17.1 per cent, compared to January 2022.

According to the Statistical Service, there was also an increase in mining and quarrying, as well as the electricity supply sectors, which rose by 55.2 per cent and 20.2 per cent respectively.

Finally, the water supply and materials recovery sector saw a decrease of 7.7 per cent compared to January 2022.

The Cyprus Stock Exchange (CSE) ended Thursday, April 6 with profits.

The general Cyprus Stock Market Index was at 106.62 points at 13:01 during the day, reflecting an increase of 0.93 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.45 points, representing a rise of 0.96 per cent.

The total value of transactions came up to €8,217, a reflection of the low volume of activity.

In terms of the sub-indexes, the main and alternative indexes rose by 0.73 per cent and 1.11 per cent respectively. The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+1.18 per cent), Hellenic Bank (+0.93 per cent), KEO (+10 per cent), Logicom (-0.95 per cent), and Vassiliko Cement Works Public Company (no change).