Finance Minister Harris Georgiades said last year’s growth rate suggests Cyprus, which will continue its reform effort even after it exits the direct supervision of its international creditors, is on the right track.

Energy Minister Yiorgos Lakkotrypis said following an increase in interest for hydrocarbon exploration in the island’s exclusive economic zone, ENI’s latest mammoth gas discovery off the coast of Egypt and a third oil and gas round, Cyprus needs a more stable environment in order to attract investment.

The European Investment Bank (EIB) will grant credit lines totaling €150 million, aiming at supporting small and medium-sized enterprises (SMEs) and medium capitalisation companies in Cyprus.

Tourist arrivals rose in January more than 16% to 48,607 compared to the respective month of 2015 boosted by an increase in arrivals from all major markets including the UK and Russia, the statistical service said.

Since 17 December 2009, the EU Regulation (EC) No 893/2009 on the Law Applicable to Contractual Obligations (“Rome I Regulation”) is directly applicable in the Republic of Cyprus, and all other Members states of EU, except from Denmark.

The Public Debt Management Office said it expected that a combination of positive, albeit low growth, and fiscal surpluses, would lead to a “rapid decline” of Cyprus’ public debt to 80% of economic output by 2020 from the current 100% plus.

The House recently approved the 2016 budgets for four semi-governmental organisations (SGO).

A new oil and gas exploration round in the island’s Exclusive Economic Zone (EEZ) was announced by the government recently.

Cyprus aims to maintain cash reserves amounting to €1 billion to manage risks for the Cypriot economy as the island’s €10 billion three-year economic adjustment programme, signed with the EU and the IMF expires on March 31, 2016.

Cyprus low-cost airline Cobalt has announced the signing of an agreement with the Cyprus Aerotechnical Services, (CAS), which will handle the day-to-day maintenance of Cobalt’s fleet of Airbus aircraft.