Despite the ongoing Covid pandemic, the Cypriot banking sector has achieved remarkable progress and was steadily headed towards viability, Finance Minister Constantinos Petrides said on Wednesday addressing the bank association AGM.

President Nicos Anastasiades on Wednesday said the government will in the following months announce a new incentive scheme for attracting high-tech companies that will facilitate the establishment and hiring of employees, also offering tax incentives and expedited licensing procedures.

International credit rating agency DBRS Morning Star projects the Cypriot economy’s growth rate will be at 4.3% GDP this year and recede slightly to 4.1% in 2022.