Russia and Cyprus have signed an agreement to restructure a €2.5 billion loan the island received in 2011, says Cyprus Finance Ministry.

A special fund is to be set up in a bid to compensate bank depositors who lost cash as part of the terms of the Cyprus bailout says President Nicos Anastasiades.

For the second year running,the Cyprus Investment Promotion Agency (CIPA) awarded the foreign investors, companies and persons who contributed to establishing Cyprus as an attractive destination for foreign investment and international quality business centre.

Talks with preferred bidder Itera on interim supplies of natural gas are officially at an end, says the Natural Gas Public Company DEFA.

Bank of Cyprus (BoC) shareholders elected a new board on Tuesday, of the 16 new board members six are foreign nationals.

Settlement of the Cyprus problem will give the island’s economy a huge boost, the United Nations Special Adviser said on Wednesday.

A fact-finding mission is underway by World Bank experts in relation to restructuring the agriculture ministry.

The biggest dangers for the banking sector have been overcome, the finance minister said, following the election of a board to the island’s biggest lender, the Bank of Cyprus (BoC).

The long-awaited offshore natural gas production test got underway and the flame was finally ignited following the repair of a glitch that temporarily halted the process last week.

A high-ranking officer from Russia’s Itera will be holding talks with officials here tomorrow in an apparently last-ditch attempt to close a deal on interim supplies of natural gas.