President of the European Investment Bank (EIB) Werner Hoyer stresses the need to reestablish trust and confidence in the Cyprus banking sector to help the economy return to growth and development as banks are the foundations of any economy.

Capital controls imposed on the Cyprus banking sector should be lifted as soon as possible, provided the sector is stabilized, the island’s bank association said.

A planned grant scheme for promoting and encouraging the use of renewable energy sources and energy saving will see 2,000 low income homes installed with photovoltaic (PV) systems in a scheme costing around €5 million.

The Central Bank of Cyprus announced it has appointed audit firm KPMG London to carry out an independent evaluation of the assets of the Bank of Cyprus and the Cyprus Popular Bank.

Nobel laureate Christopher Pissarides has been awarded €2.2 million by the European Research Council (ERC) for a University of Cyprus research project on employment in Europe.

Cypriot courts have issued an international injunction that aims to temporarily freeze assets of three former executives of the island's second largest bank that has been forced into bankruptcy as part of the Eurogroup-orchestrated bailout deal.

The communications ministry has called for tenders’ proposals for a feasibility study on a tram network in the greater Nicosia region.

Cyprus’ anti-money laundering unit (MOKAS) is cooperating closely with US authorities in a major case involving theoperators of a digital currency exchange with links on the island through numerous bank accounts.

Foreign investors will now be able to obtain Cypriot citizenship if they bring in €5 million, have large bank accounts or perform certain business transactions on the island.

Hellenic Bank posted a €31.7 million loss in the first quarter, taking a hit from higher provisioning for bad loans and from the sale of its Greek business as part of an international bailout for Cyprus.