Cyprus will be able to absorb €120 million from the 2014-2020 EU agricultural development programme, Agriculture, Natural Resources and Environment Minister Giorgos Kouyialis said, adding that during the first three years of the Memorandum of Understanding with the Troika, Cyprus will be able with hard work to absorb all the funds allocated to the Republic.

The Economic Sentiment Indicator (ESI) in Cyprus registered an improvement for the second consecutive month in June, after a record low in April, due to the developments in the financial sector, the University of Cyprus` Economic Research Centre (ERC) said.

Central Bank governor Panicos Demetriades has said that Laiki Bank, once the island’s second largest lender, was deliberately kept afloat by the European Central Bank in order to ‘protect’ foreign investors.

The European Stability Mechanism (ESM) on Wednesday gave Cyprus €1.0 billion, completing the first tranche of the island’s financial assistance programme.

Residential property prices (houses and apartments) continued the downward path in the first quarter of 2013, recording a decline for 13 consecutive quarters.

A Financial Commissioner has been appointed and will assume his duties on July 1 to deal with complaints against financial institutions.

President Anastasiades, who has criticised the bailout as being ill-conceived, said he would use an EU leaders’ meeting this week to voice his concerns.

EU Education Commissioner has stressed the need for Cyprus to put special emphasis on vocational training institutes.

A Memorandum of Understanding (MoU) for the Cyprus LNG terminal was signed in Nicosia on Wednesday between the Republic of Cyprus and Noble Energy, Delek Drilling and Avner Oil Exploration.

Cyprus has confirmed that the National Hydrocarbons Company (KRETYK) will be “the commercial arm of the government” and that it will have a “substantial role” to play in the future development of oil and gas discoveries and exports.