Commissioner for Regional Policy, Corina Crețu approved a programme of investments backed by EU Regional and Cohesion Funds that will play a crucial role in putting Cyprus on the tracks of recovery, by supporting the development of the island’s real economy and creating new job opportunities.

Optimism among businesses drove improving economic sentiment in Cyprus in February 2015, although consumer confidence remained weak, a publicly funded survey showed recently.

Russian navy vessels will dock in Cypriot ports as part of an agreement signed between the two countries recently, Russia’s President Vladimir Putin said.

President Nicos Anastasiades recently said he had held “very productive negotiations” with his Russian counterpart Vladimir Putin.

Bank of Cyprus, the island’sbiggest lender that was bailed out by foreign investors who pumped in about €1 bln in 2014, following a near €4 bln bail-in by depositors the year before has reported after-tax profits.

Aristo Developers, Cyprus’ foremost property developer, broadened its global presence in November 2014, by establishing a new Head Office in China, marking another milestone in its Asia business operations.

Local conditions combined with recent EU legislation make Cyprus an attractive target for healthcare investment.

The dependence of Cyprus' banking system on the Emergency Liquidity Assistance (ELA) mechanism and monetary policy operations (European Central Bank – ECB) remained at the same level in January 2015 as in the previous month, namely €8.51 billion.

The government needs to give priority to attracting more investment to the shipping industry, with or without a solution to Turkey’s ban on Cypriot-flagged ships entering its ports, according to the head of the Cyprus Shipping Chamber.

One of the primary goals of his visit to Russia will be to promote tourism, Energy, Commerce, Industry and Tourism Ministry Giorgos Lakkotrypis said recently, ahead of the departure of President Nicos Anastasiades' and his delegation.