Cyprus Business Now

An initiative by the Bank of Cyprus aimed at bolstering efforts to protect borrowers and first homes was discussed on Monday during a meeting of the bank’s leadership, led by CEO Panicos Nicolaou, with a delegation from the Cyprus Borrowers Protection Association (Syprodat), consisting of President Kostas Mela and Director Jenny Papacharalambous.

According to a statement from the association, under this initiative, which runs until December 31, 2023, bank officials will contact all eligible borrowers to inform them about the provisions of the plan and the available options.

It is reported that two options are offered based on a recent appraisal of the home’s value, regardless of the outstanding loan balance.

The first initiative, according to the association, allows borrowers to fully settle their loan by paying a specific amount based on the home’s value, independently of any remaining loan balance.

This can be done using the borrower’s own means, a new loan from another Licensed Credit Institution, or a new loan from a first-degree relative, provided that the bank’s loan criteria are met.

Furthermore, the second initiative focuses on restructuring the loan based on the Cyprus Central Bank Directive and Code, provided that the bank’s loan criteria are met.

Responding to questions, the bank’s CEO mentioned that interested borrowers who do not fall under these initiatives can approach the Bank of Cyprus directly to request a loan settlement. In such cases, he explained, the bank will examine any proposals or solutions accordingly.

Cyprus’ Research and Innovation Foundation (RIF) announced this week that it has initiated a series of networking workshops aimed at fostering collaboration between the country’s research and business communities for joint proposals under the new “Co-Develop” funding programme.

According to the announcement, the foundation ran various workshops focused on Agri-food and Marine & Maritime Ecosystems, providing a unique opportunity for representatives from businesses and research organisations to exchange ideas, present their concepts, and identify new collaborative prospects.

Moreover, the announcement noted that the Co-Develop programme, with a budget of €7.3 million, seeks to encourage partnerships and the utilisation of technology to develop new solutions addressing modern challenges in three key economic sectors.

These workshops will continue and conclude on September 25, with Health Sciences as the main theme.

The Research and Innovation Foundation (RIF) is Cyprus’ national entity responsible for supporting and promoting research, technological development, and innovation in the country.

Its mission is realized through the planning and management of funding programmes for research projects and innovative activities, combined with support for the participation of Cypriot researchers in European and international research initiatives.

Cyprus has secured a €369 million loan from the European Investment Bank (EIB) as part of the EU programme Thalia, aiming to bolster social cohesion and economic resilience.

Finance Minister Makis Keravnos highlighted the importance of these funds, especially amid global and European economic challenges.

The Thalia programme, running from 2021 to 2027 with a total budget of €1.8 billion, focuses on driving smart, digital, and green investments while promoting employment and social cohesion.

Cyprus has already secured €968 million from EU cohesion policy funds, with a national contribution of €842 million. Given the EIB’s usual practice of co-financing projects and programs funded by EU cohesion policy funds, the Cypriot government has successfully secured the EIB loan to support selected operational programs and priorities.

This financing is expected to kickstart various investment initiatives and help Cyprus address significant economic and environmental challenges.

The loan comes with favourable terms, including a seven-year grace period, a 25-year repayment period, and a low interest rate, providing substantial financial benefits for Cyprus.

The Cyprus Stock Exchange (CSE) ended Thursday, September 21 with losses.

The general Cyprus Stock Market Index was at 130.74 points at 13:02 during the day, reflecting a decrease of 0.57 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 79.31 points, representing a drop of 0.58 per cent.

The total value of transactions came up to €109,610.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.81 per cent, 0.12 per cent and 2.11 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.67 per cent), Hellenic Bank (-0.44 per cent), Demetra Holdings (-2.19 per cent), and Vassiliko Cement Works Public Company (-0.65 per cent).