The European Commission disbursed today a €730,000 grant to Cyprus from EU Solidarity Fund (EUSF), as an advance payment following the Cypriot request for EUSF assistance after the drought and the wildfires of June 2016.

Cyprus' inflation stood at -1% in October 2016, from 0.4% in September 2016, according to Eurostat.

Cyprus’ government debt rose in September 2016 to €19.4bn from €18.7bn in June and €18.8bn in September 2015, mainly on accumulation of cash reserves by the government, the Public Debt Management Office said.

Finance Minister Harris Georgiades said that the government’s view on its financial targets for 2017 differs from that of the EC and would be explained to the Council of Finance Ministers in December 2016.

Pafilia Property Developers Group of Companies announced the appointment of the Arabian Construction Company (ACC) and Joannou & Paraskevaides Group (J&P Group) consortium, for the construction of luxury residential project, ONE,in Limassol.

Cyprus and India will sign a new double tax avoidance treaty, the Finance Ministry said, opening the way for the island’s removal from the Indian government’s blacklist.

Tourist arrivals rose 33% year-on-year in October 2016, to 357,194, a new peak for this month of the year, the statistical service said.

There are several great projects which will be developed in Limassol within 2017 and the coming years, according to a Limassol Chamber of Commerce and Industry (LCCI) press release, most of which are private initiatives.

The Cyprus Investment Promotion Agency (CIPA) recently participated in events and seminars in Hong Kong, London, Beijing, Shanghai and Moscow, to promote Cyprus’ economy sectors with investment opportunities to targeted audiences.

Paphos is aiming to increase promotion of the district and has drawn up an action plan for 2017, which includes improvements in the use of social media and other promotional outlets, according to an announcement by the local tourism board.