According to the latest EY forecast, Cyprus’ economy has been surprisingly resilient to the near-meltdown of its financial sector and an aggressive austerity program.

President Nicos Anastasiades presided at the recent official opening of the new Limassol Marina, describing it as “a jewel for Limassol and for Cyprus," stressing the importance of investments in the current climate.

Despite the robust programme implementation in Cyprus, risks remain to the stabilisation of the economy, with the greatest challenge lying with the health of the financial sector, the European Stability Mechanism said in its report for 2013.

Energy giant China National Offshore Oil Corp. (CNOOC) is reportedly in talks to buy 30 to 40% of the Aphrodite gas field in Cyprus’ offshore Block 12.

The Eurogroup gives the green light to release €600m to Cyprus, the fifth tranche of the island’s bailout package, as it meets the requirements of its economic reform programme.

Cyprus' Council of Ministers recently approved the Guaranteed Minimum Income (GMI) Scheme of €480 per person, as part of the social welfare system reforms.

The island, after more than three years, is again in a position to finance its needs by borrowing from the international financial markets, President Anastasiades said recently, noting that this was achieved through coordinated and systematic efforts.

With a short ceremony held at Larnaca airport to mark five years in Cyprus, the General Manager of Etihad Airways thanked passengers for choosing the national airline of the UAE for both business travel and leisure purposes.

Individual per capita consumption in Cyprus in 2013 reached 92% of the European Union average, figures released recently by Eurostat show.

The Bank of Cyprus’ emergency liquidity assistance (ELA) declined by €170 million in May 2014, recent figures released by the Central Bank of Cyprus show.