Determined to become a centre of excellence for medical care and a destination of choice for medical tourists, Cyprus is opening up new prospects for foreign investment in one of its most exciting sectors.

The Cyprus Investment Funds Association (CIFA) has become a member of the European Fund and Asset Management Association (EFAMA) following a rigorous assessment of Cyprus’ fund management framework.

More than 3,000 people and 870 businesses in Cyprus have benefited from EU funding to combat unemployment, while 1,800 jobs have been created, revealed Finance Minister Harris Georgiades recently.

Ninety civil marriages will be held on June 20, 2014 for tourists at the medieval castle in Larnaca, the municipality announced recently.

The Kimon project designed to have a luxury hotel, flats, shops and offices on Larnaca’s Phoinikoudes beachfront promenade has been sold to Russian developers Lanomex.

A new scheme worth €45m aimed at funding energy upgrades to existing buildings in the wider public sector, houses and commercial and industrial premises is being prepared by the Energy Ministry.

The Cyprus Ports Authority (CPA) recently invited tenders for the commercial operation of the old Limassol port, open for business following its extensive revamping.

A group of 250 volunteers are developing a comprehensive and innovative plan for the revival of the derelict and abandoned commercial section of the Fysko Lotus Plaza complex in the Naafi area of Limassol to create collaborative space with free services for young merchants and entrepreneurs.

A high-ranking Eurozone official said recently that the Eurogroup will approve the next tranche of funding for Cyprus, which will be disbursed in July 2014, during its upcoming meeting Luxembourg.

On the basis of the results of the Passengers Survey, tourist arrivals reached 293,181 in May 2014 compared to 276,244 in May 2013, recording an increase of 6.1%.