Cyprus recorded a massive improvement in the amount of EU funds absorbed into the island’s Rural Development Project aiming to develop rural areas and production and encourage the creation of more jobs in the farming industry.

The Ayia Napa beachfront will be redesigned on a budget of €6.5m, and will include new walkways, a bike path, playgrounds, piers, beach volley and beach soccer courts, a skate park, and more.

The new under-ministry, or state secretariat for tourism, could be up and running by January 1, 2017 President Nicos Anastasiades said recently.

A Lebanese investor who has purchased land worth €3.5m in Larnaca recently announced plans to invest a further €15m to build luxury apartments on the site.

Seven leading construction companies have submitted their bids as plans for building an Ayia Napa marina are entering their final stage.

Any potential new gas finds in waters off Cyprus will determine whether the government will move forward with the strategic goal of building a land-based plant to process gas for export abroad.

The European Bank for Reconstruction and Development (EBRD) is now subsidising the provision of business advisory services to small and medium-sized enterprises of Cyprus (SMEs).

Economists disagree over how fast the Cyprus economy will grow this year, with the University of Cyprus Economics Research Centre (ERC) forecasting a bullish 2.4% in 2016.

The Cyprus Development Bank (cdbbank) will strengthen its presence in Cyprus with new offices and a branch in Limassol.

The Housing Finance Corporation recently announced new lending rated below 3% – the lowest in the Cyprus market.