Bank of Cyprus has agreed to sell a small number of restructured non-performing loans of developers and construction companies to a smaller undisclosed lender, a banking source confirmed recently.

The government generated a fiscal surplus of €200.9m in the first quarter of the year, compared to a surplus of €146.3m a year before, mainly on increased revenue, the statistical service said.

Foreign investors heaped praise on Cyprus during a special session focused on the country at the European Bank of Reconstruction and Development (EBRD) annual meeting in Nicosia.

Italy’s Eni, which made the largest gas discovery in the EastMed off the coast of Egypt in 2015, expects that Cyprus will play a key role in developing the region's gas.

Cyprus Airways recently announced the start of ticket sales for Heraklion in Crete, and Rhodes, while tickets to Tel Aviv and two other destinations will be available in the coming weeks.

The government expects fat gains from the first casino resort and its satellites to be built and operated in Cyprus.

Cyprus’ revenue from ship management rose by 4.6% year-on-year, or €458m, in the second half of 2016, from €438m in 2015, the Central Bank of Cyprus said.

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.