Non-performing loans in Cyprus’ banking system continued to be around half of total loans over the past years.

Cyprus has stepped up its search for offshore gas and hopes that drilling by Total in July 2017 will confirm that the geology of a huge discovery in Egypt extends into Cypriot waters, the energy minister said recently.

Supported by robust employment, consumption and investment, Cyprus’ economy has enjoyed a broad- based recovery, says the European Commission in a report, and is forecast to post solid growth over the forecast horizon.

One of a cluster of five brand new solar plants, financed by the EBRD, was inaugurated today in Cyprus, on the fringes of the EBRD Annual Meeting of the Board of Governors.

Deepening cooperation between the EBRD and Cyprus, EBRD President Sir Suma Chakrabarti and Cyprus' Minister of Energy Yiorgos Lakkotrypis, have signed a €2.2m agreement to strengthen SMEs, and to increase their competitiveness and growth potential.

Minister of Finance Harris Georgiades held a number of meetings on the sidelines of the annual EBRD conference in Nicosia.

The financial system is going through a period of low interest rates, with banks offering loans at a cost which is the lowest of all time.

Cyprus’ harmonised consumer price index rose an annual 2.1% in April compared to a year before and 1% in a month, the statistical service said.

Cyprus’ economy is expected to grow at a rate ranging from 2% to 2.5% in 2017 and 2018, the European Bank of Reconstruction and Development (EBRD) said.

The Cypriot Finance Ministry announced on Monday, 8th of May, 2017, that Cyprus and Luxembourg signed a double tax avoidance and prevention of tax evasion treaty, based on the model convention of the Organisation for Economic Cooperation and Development.