Cyprus will be looking to upgrade its role as an alternative energy hub and supplier to the EU, making the most of its untapped natural gas reserves and upcoming electricity interconnectors with Israel, Egypt and Greece.

Cabinet on Wednesday approved an aid package for more fire-stricken farmers and extended financial support to help those who were in state care, deputy government spokesperson Niovi Parisinou said in a written announcement.

Two new grant schemes were on Wednesday announced by the energy ministry totalling € 49 million, for the energy upgrade of small and medium enterprises (SMEs), non-profit organisations (NGOs), local government authorities and broader public sector bodies.

The impact on the Cypriot economy from the EU sanctions against the Russia after its invasion of Ukraine will mainly stem from tourism and energy, George Panteli, the Finance Ministry’s Permanent Secretary has said.

The Health Ministry’s ‘test to stay’ school testing programme will be extended to include public and private kindergarten and primary education children in Cyprus as of Monday, March 21.

The University of Cyprus is offering ten full scholarships to Ukrainian refugees whose studies were violently interrupted by the Russian invasion.

RSM in Cyprus is amongst the leading professional services providers offering a comprehensive range of audit, tax, and consulting services with a presence in Limassol, Paphos and Nicosia, jointly with the other RSM in Europe launches the 4th edition of Commercial Real Estate Tax Guides 2022.

As petrol prices surge in the wake of Russia’s invasion of Ukraine and consumers fret over the cost of living, the finance ministry has revised its forecast for inflation this year from an initial 1.5% to 4%.

Hellenic Bank on Tuesday announced that it has negligible direct exposure to Russia, while its indirect exposure through any adverse effects on the Cypriot economy hinges on a number of factors, which are currently hard to assess.

Ireland is seeking to reinforce trade relations with Cyprus, according to Martin Heydon, the country’s Minister of State for Research and Development, Farm Safety and New Market Development.