The Cypriot economy continues to grow, showing improvement over the performance of the previous year, but external factors are contributing to a loss of momentum, according to a report by the University of Cyprus Economic Research Centre.

The island’s largest lender said Thursday it has no banking operations in either Russia or Ukraine, having wound down its business there years ago.

Cyprus’ government web portal gov.cy will be operational in April or May at the latest providing to begin with 80 government services, Deputy Minister of Research, Innovation and Digital Police Kyriacos Kokkinos has said.

Cyprus will be looking to upgrade its role as an alternative energy hub and supplier to the EU, making the most of its untapped natural gas reserves and upcoming electricity interconnectors with Israel, Egypt and Greece.

Cabinet on Wednesday approved an aid package for more fire-stricken farmers and extended financial support to help those who were in state care, deputy government spokesperson Niovi Parisinou said in a written announcement.

Two new grant schemes were on Wednesday announced by the energy ministry totalling € 49 million, for the energy upgrade of small and medium enterprises (SMEs), non-profit organisations (NGOs), local government authorities and broader public sector bodies.

The impact on the Cypriot economy from the EU sanctions against the Russia after its invasion of Ukraine will mainly stem from tourism and energy, George Panteli, the Finance Ministry’s Permanent Secretary has said.

The Health Ministry’s ‘test to stay’ school testing programme will be extended to include public and private kindergarten and primary education children in Cyprus as of Monday, March 21.

The University of Cyprus is offering ten full scholarships to Ukrainian refugees whose studies were violently interrupted by the Russian invasion.

As petrol prices surge in the wake of Russia’s invasion of Ukraine and consumers fret over the cost of living, the finance ministry has revised its forecast for inflation this year from an initial 1.5% to 4%.