The first investments from the Cyprus Equity Fund, established by the Cypriot government in collaboration with the European Investment Fund (EIF), are expected to commence in the autumn, it emerged on Thursday.

The fund, with a total budget of €37.5 million, aims to bridge the financing gap in entrepreneurship and innovation.

According to statements made during a press conference, the Bank of Cyprus will be the first institutional investor in 33 East, the company in charge of the fund. The Bank of Cyprus will contribute €2 million to the fund’s capital.

Speaking at the event, Finance Ministry general director George Panteli welcomed the Bank of Cyprus, stating that its participation “demonstrates the importance of the fund and the expectations we all have for its successful management”.

Panteli said that the ministry is focused on entrepreneurship and innovation as key drivers of social and economic development.

“The Cyprus Equity Fund was established to address the financing gap in the economy, targeting the funding of SMEs within this ecosystem,” he said.

“We all need to be cautious when discussing our country’s tourism sector, which is vital to the daily lives of tens of thousands of our fellow citizens,” according to Deputy Minister of Tourism Kostas Koumis.

In an interview provided to the Cyprus News Agency (CNA), Koumis highlighted the resilience of Cyprus’ tourism industry, saying that it is experiencing another successful year.

Commenting on an article by British tabloid the Daily Express, which claimed there was “panic” in Cyprus’ tourism industry due to decreased bookings, the deputy minister clarified that the report was based on a statement by the president of the Cyprus Hoteliers Association (Pasyxe) at its general assembly earlier this month, concerning the bankruptcy of the German tour operator FTI.

“First and foremost, I would like to emphasise that despite the many challenges characterising this year, our tourism sector is demonstrating a remarkable trajectory with positive indicators in arrivals and revenue, as evidenced by the data from the Statistical Service,” Koumis stated.

He pointed out that arrivals in the first half of the year increased by 2.4 per cent, while tourism revenues for the first four months showed a 5.5 per cent rise.

“I must clarify that the bankruptcy of the specific tour operator certainly dealt a blow to our country, as it did to others, but considering the scale of its activities here, the overall losses were not substantial enough to cause panic,” he said.

Loan disbursements from international financial institutions have reached €92.75 million so far in 2024, according to a statement released on Thursday by the Public Debt Management Office (PDMO).

The office explained that these disbursements represent 66 per cent of the total international borrowing budgeted for this year, which amounts to €140 million.

Specifically, the PDMO reported that on May 25, a loan of €32.75 million was disbursed from the Council of Europe Development Bank, which had a fixed interest rate of 3.25 per cent.

In addition, two loans of €30 million each were disbursed from the European Investment Bank (EIB) on July 8 and July 22, with fixed interest rates of 3.136 per cent and 3.196 per cent, respectively. It should be noted that all three bilateral loans have a ten-year term.

The Paphos Regional Tourism Board (Etap) this week introduced a new application that brings the myth of Aphrodite to life using audiovisual means, after it had previously identified a need to leverage technology in a more substantial manner.

This innovative project features seven key locations associated with the goddess Aphrodite, offering both local and international visitors an enhanced experience through augmented reality.

Visitors can now witness Aphrodite emerging from the sea foam at Petra tou Romiou and bathing at the Baths of Aphrodite in a vivid, real-world environment.

The app also allows users to view processions and events in the sacred gardens of Geroskipou and at Palaepaphos in Kouklia.

According to Etap director Nasos Hadjigeorgiou, “this is the only comprehensive technological application that is technologically advanced and very user-friendly”.

“It covers the entire spectrum of Aphrodite’s birth and life, including both well-known and lesser-known aspects,” he stated, adding that “the application is now complete and available for public use”.

Hadjigeorgiou also said that the application covers all seven points related to the myth, incorporating technological innovations and augmented reality at four key sites, including Petra tou Romiou, the sacred gardens in Geroskipou, Palaepaphos, and the Baths of Aphrodite.

Money management app Plum, which has offices in Nicosia, Athens and London, announced this week that it raised more than £16 million in its Series B round.

Series B financing is the second phase of funding for a company that has achieved specific milestones and progressed beyond the initial startup phase.

In addition, Investors in Series B typically purchase shares at a higher price compared to those who invested during Series A.

According to the announcement, the company has secured £13.4m in funding from institutional investors, including a second tranche of investment from strategic partner Eurobank.

Moreover, new anchor investor iGrow Venture Capital has joined the round, alongside previous investors including Venture Friends and Ventura Capital. 

The company has also raised an additional £2.7m through crowdfunding, in what has been Crowdcube’s most popular campaign of the year, with more than 5,500 investors from across the UK and EU participating. This brings the total to over £16m raised.

The Central Bank of Cyprus (CBC) on Thursday published its monetary and financial institutions (MFIs) report for June 2024, detailing deposits and loan statistics for the month under review.

According to the CBC report, total deposits in June 2024 experienced a net decrease of €44.1 million, a sharp contrast to the net increase of €925.7 million recorded in May 2024.

Moreover, the annual growth rate of total deposits dropped to 2 per cent in June from 2.8 per cent in May. The outstanding amount of total deposits reached €53.4 billion in June 2024.

Breaking down the deposits, those from Cyprus residents increased by €86.2 million. Specifically, household deposits rose by €40.0 million, while deposits from non-financial corporations saw a significant increase of €259.8 million.

Conversely, deposits from the remaining domestic sectors, which include investment funds, other financial intermediaries, financial auxiliaries, captive financial institutions and money lenders, insurance corporations, pension funds, and the general government, decreased by €213.6 million.

The Cyprus Stock Exchange (CSE) ended Thursday, July 25 with minor profits.

The general Cyprus Stock Market Index was at 166.09 points at 12:25 during the day, reflecting an increase of 0.03 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 101.14 points, representing a rise of 0.05 per cent.

The total value of transactions came up to €330,332, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.2 per cent and 0.79 per cent per cent respectively. The hotel index remained unchanged while the alternative index fell by 0.44 per cent.

The biggest investment interest was attracted by Hellenic Bank (+0.38 per cent), Demetra Holdings (+0.8 per cent), the Bank of Cyprus (-0.48 per cent), Logicom (no change), and the Cyprus Cement Company (-3.01 per cent).