The agreement was signed on Thursday at the Finance Ministry by Finance Minister Makis Keravnos and EIB vice president Kyriakos Kakouris. It forms part of a broader €400 million national investment programme running through 2029, aimed at improving connectivity, road safety, and climate resilience.
Kakouris made clear that the new tranche “is not simply financial support for a specific project. It represents our shared commitment to creating better, safer and more sustainable infrastructure that will substantially improve the daily lives of the Cypriot people.”
He said the investment would help reduce accidents, improve regional access, and promote sustainable urban mobility.
Kakouris added that infrastructure is a “catalyst of social cohesion, facilitating access, communication and development.”
In a statement, the association expressed its “deep sorrow for the loss of human life, the destruction of the natural environment and the properties that were lost in the major fire”.
The association explained that the measures include the right to suspend the repayment of loan instalments for a period of up to six months for loans held by households and businesses directly affected by the disaster and falling within the scope of the government’s support measures.
The report provides a detailed overview of financial assets and liabilities across various sectors of the economy.
According to the CBC, insurance companies posted financial assets totalling €5.7 billion. These assets are distributed with 7 per cent held in cash and deposits, 2 per cent in loans, 29 per cent in debt securities, 46 per cent in equities, and 16 per cent in other financial instruments.
Investment organisations hold €7.0 billion in financial assets. Of these, 5 per cent are in cash and deposits, 14 per cent in loans and debt securities, 79 per cent in equities, and 2 per cent in other financial instruments.
Moreover, pension funds’ financial investments reached €4.6 billion. These consist mainly of 15 per cent in cash and deposits, 14 per cent in loans, 5 per cent in debt securities, 55 per cent in equities, and 11 per cent in other financial instruments.
Seasonally adjusted unemployment rate in Cyprus stood at 3.8 per cent in June of this year, stable compared to May, and down from 4.9 per cent in June 2024 according to Eurostat, the statistical office of the European Union.
Eurostat estimates that approximately 19,000 people were unemployed in Cyprus in June 2025, showing a significant drop from the 25,000 recorded in June 2024.
The euro area unemployment rate was 6.2 per cent in June 2025, stable compared with May 2025 and down from 6.4 per cent in June 2024.
In the European Union as a whole, the unemployment rate was 5.9 per cent in June 2025, also stable compared with May 2025 and down from 6.0 per cent in June 2024.
The company explained that the transaction was made in accordance with the relevant regulations of the Cyprus Stock Exchange and aimed to keep shareholders and the wider investment community fully informed.
The purchase price for the property amounted to CHF 27,500,000, excluding notary fees, value-added tax and other acquisition costs.
The sum converts to approximately €29.6 million when using the current exchange rate. The payment was made entirely in cash via bank transfer.
Keve explained that “the platform was created as a result of a successful initiative that took place in London and was organised by the Presidency of the Republic of Cyprus, Invest Cyprus and Keve, in the presence of the President of the Republic of Cyprus”.
Moreover, Keve said that it had “supported the Presidency’s initiative from the very beginning with the aim of attracting and repatriating talent, taking an active role in organising the successful event in collaboration with the Presidency and Invest Cyprus”.
The chamber added that “following this successful initiative, which was held in the presence of the President of the Republic, the involved organisations, in cooperation with the competent ministries, proceeded with the creation of the “Minds in Cyprus” platform”.
For the period between January and May 2025, the index rose by 3.4 per cent compared to the same period the previous year.
The manufacturing sector recorded a 1.0 per cent increase compared to May 2024, while significant growth was also seen in mining and quarrying, which rose by 19.3 per cent, and in water supply and materials recovery, which increased by 12.4 per cent.
By contrast, the electricity supply sector registered a negative change of 1.2 per cent.
The announcement marks a significant step in addressing common transactional challenges faced by shipping companies, seafarers and suppliers.
The 7 Seas E-Wallet has been developed to enable faster, easier and more secure seamless mass payments, a pressing need within the maritime sector.
As a licensed Electronic Money Institution, Sepaga will serve as the partner behind the platform and will provide the infrastructure for opening electronic accounts or e-wallets, executing payments including international money transfers, managing currency exchange and performing KYC and AML procedures through automated checks.
Global container losses at sea rose to 576 in 2024, more than double the record-low 221 containers lost in 2023, according to the World Shipping Council’s (WSC) latest Containers Lost at Sea report.
Still, the number remains well below the 10-year average of 1,274, reflecting the industry’s continued investment in safety and operational resilience.
The increase was largely linked to persistent hostilities in the Red Sea, which prompted many shipping lines to reroute vessels around the Cape of Good Hope, a region notorious for hazardous sea conditions. According to the report, vessel transits via the Cape surged by 191 per cent year-on-year, with the South African Maritime Safety Authority confirming that nearly 200 containers were lost in this region alone, amounting to 35 per cent of global container losses in 2024.
Despite this rise, the proportion of containers lost remains extremely low. Just 0.0002 per cent of the estimated 250 million containers transported globally in 2024 were lost at sea.
Battery-only electric vehicle (BEV) registrations in Cyprus more than doubled in 2023, though their presence on the roads remains well below the EU average, according to a report from Eurostat.
An estimated 970 new BEVs were registered that year, making up 6.6 per cent of the 14,637 total new passenger car registrations.
This brought the total number of BEVs in circulation to 1,800, up from 830 the year before, a 117 per cent increase.
Despite the growth, battery-electric cars still accounted for just 0.29 per cent of the island’s 625,625-vehicle passenger car fleet, emphasising the early stage of adoption.
The upward trend continued in 2024, with 15,061 new passenger car registrations, the highest figure in more than a decade.
Recent figures also point to steady growth into 2025. As previously reported, BEVs made up 4.8 per cent of newly registered passenger saloon cars in the first half of the year, compared with 3.3 per cent in the same period of 2024.
According to the commission, this marks a 6.64 per cent increase from the previous quarter.
CySEC stated that it currently supervises 322 Management Companies and Undertakings of Collective Investments (UCIs), a slight decrease of 1.8 per cent compared to 328 entities in the same period last year.
The total of 322 entities comprises 223 Externally Managed UCIs, 30 Internally Managed UCIs, and 69 External Fund Managers.
Among the Management Companies, there are 45 Alternative Investment Fund Managers (AIFMs), 46 Sub-threshold AIFMs, 3 UCITS Management Companies, and 5 entities holding dual licences as both AIFMs and UCITS Management Companies.
The churches to be rebuilt are the church of Ayios Silouanos in Souni and the chapel of Ayios Ioannis Rossos in Vouni, both of which suffered total destruction during the blaze.
Hadzioannou announced the initiative on social media, saying it followed a site visit by Safe Bulkers’ volunteers and a discussion with Limassol’s bishop Athanasios.
“Following an inspection conducted by the volunteers of our company, Safe Bulkers, and my conversation with our respected bishop Athanasios,” he wrote, “we will fully undertake, as instructed, the reconstruction of both churches, which were completely destroyed.”
This decision follows a directive from the Cyprus Securities and Exchange Commission (CySEC), acting under the authority granted by article 70(2)(m) of the Investment Services and Activities and Regulated Markets Law of 2017 as currently in force.
According to the announcement, CySEC requested the CSE council to suspend the trading of these companies’ shares starting from August 1, 2025, until they comply with their obligations or until September 30, 2025, whichever comes first.
If the companies fail to meet their obligations by the end of the suspension period, the suspension will remain in place.
The commission’s decision is based on the companies’ failure to publish critical financial information.
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