The Ministry of Energy, Commerce, Industry and Tourism said that Poseidon Grand Marina of Paphos was the successful bidder in a competition for the construction of a marina in Paphos with a capacity of 1,000.

Revenue from tourism rose 22% year-on-year in February 2016, to €37.6m, the statistical service said recently.

“Cyprus Needs a Compromise and Common Efforts” says Stavros Pavlou, Senior & Managing Partner of Patrikios Pavlou & Associates LLC in an interview as published in the April-June 2016 issue of the Cyprus-Russian Successful Business Magazine.

Though initially Cyprus was to borrow €10 billion from the Troika, the final balance sheet shows the amount to be precisely €7,248,793,691, which it must pay back by 2031.

The President of the Paphos Chamber of Commerce and Industry Andreas Demetriades will visit China, accompanied by the President and General Manager of the CTO between May 14-19 2016, aiming to increase the tourist market from the Asian country.

Bank of Cyprus (BoC) is expected to report a significant reduction of non-performing loans (NPLs) and Emergency Liquidity Assistance (ELA) for the first quarter of 2016 according to a trading update issued recently.

Permasteelisa Group, the worldwide leading contractor in engineering, project management, manufacturing and installation of architectural envelopes and interior systems, announced the geographic expansion of the company to new territories including Cyprus.

The trade deficit for the period January-February 2016 was €465.7 million, compared to €368.4 million during the same period in 2015, according to data published recently by the Statistical Service of Cyprus.

In March 2016 compared with February 2016, the seasonally adjusted volume of retail trade fell by 0.5% in the euro area (EA19) and by 0.7% in the EU28, according to estimates from Eurostat.

BY 2020, Cyprus wants to have the digital world become integral in the public’s use of government services making more available to citizens online.