The total area of construction projects which received a building permit in January to August 2015 rose 17% to 589,029 square meters compared to a year before, outstripped by a 22% increase in the respective value which rose to €685.7m, the statistical service said.

Cyprus will receive a total of €1.3 billion in EU funds for the programme period of 2014-2020, rendering the island a net recipient for the first time since its accession in 2004, it was announced recently.

An increase in flights to Cyprus, primarily from Russia, has prompted several hotels in Ayia Napa to remain open at least until the end of November 2015, the city’s mayor Yiannis Karousos said recently.

Cyprus is hosting a conference on maritime security in the coming week in which over 100 navy delegates from various European countries will participate.

Though the economy has exited recession and is registering positive economic growth, the banking sector is still facing challenges, not least the issue of non-performing loans (NPL), President Nicos Anastasiades said recently.

Russia has shown an interest in launching new flights to Cyprus in November 2015 following the events in Egypt, Tourism Minister Giorgos Lakkotrypis said recently.

A day after international creditors signaled that they want to see progress in the implementation of reforms in at least three areas before more bailout funds to Cyprus, lawmakers agreed to vote on on the draft bill on the sale of loans to third parties.

The official environmental report conducted by the relevant public authority approves the construction of a gold processing site in the manufacturing area of Aradippou in Larnaca.

The European Commission revised its 2015 economic growth projection for Cyprus upwards to 1.2% and added that in 2016 economic output will grow a further 1.4% before it accelerates to 2% in 2017.

Minister of Finance, Harris Georgiades, said the government will gradually ease the tax burden and increase its development spending as fiscal conditions improve.