Discussions between the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) and the European Investment Bank (EIB) for the financing of a fuel storage terminal are progressing smoothly, KODAP President Panagiotis Malekos has told the press.

The electric conductor connecting Cyprus to Israel, Greece, and from there Europe, named the EuroAsia Interconnector, is at the final pre-planning stage which is 50% EU-funded.

The turnover value and volume indices of retail trade presented an increase in March 2017 and in the first three months of the year, the Statistical Service of Cyprus has said.

Low cost Czech airlineSmartWings has announced that it will begin two flights every week between Larnaca and Prague in the summer of 2017.

The Central Bank of Cyprus said that it expects the Cypriot economy to expand 2.8% in 2017 before growth speeds up to 3% over the next two-year period.

Energy Minister Yiorgos Lakkotrypis says expanding exploration within Cyprus’ Exclusive Economic Zone (EEZ) and proceeding with the exploitation of the Aphrodite field were the two top priorities for the state in terms of its energy policy.

PMV Maritime Holdings Ltd had been awarded the tender for the lease of a state area (land and sea) for the development of the Paralimni marina.

The governor of the central bank said that the Cypriot banks have made insufficient progress in reducing non-performing loans adding that the supervisor is working on proposals to render the existing legislative framework more effective to speed up the process.

The construction of the Ayia Napa marina is well under way, with plans to finish the first part of the project on time – June2019.

The economic sentiment indicator rose by 2.3 units in May 2017 to 118.4, the highest since June 2001, on improved confidence in services and to a lesser extent in retail trade and consumer confidence, the University of Cyprus said.