Economic activity in Cyprus has continued on a positive trend since early 2015, while the banking system continues to heal, a press release by the International Monetary Fund (IMF), the European Commission (EC) and the European Central Bank (ECB) says.

An increase of 7% in the number of tourist arrivals was recorded in October 2015 compared to last year, while the Cyprus Tourism Organisation (CTO) estimates that the number of tourists for 2015 will be more than 2.6 million.

A tripartite meeting between Cyprus, Israel and Greece to be held in Nicosia towards the end of January 2016 will again focus on energy cooperation.

Greece’s Alpha Bank got shareholder approval recently for a plan to fill a capital hole identified in a European Central Bank health check in October 2015.

Piraeus Bank has received shareholder approval for a plan to fill a capital shortfall revealed in a European Central Bank health check in October 2015, expecting to close its order book on an offering of new shares.

President Nicos Anastasiades has appealed to Jordanian investors to boost bilateral trade and consider taking part in the privatisation process of the ports, electricity and telecoms, while encouraging entrepreneurs to set up a Cyprus base and take advantage of the growing energy sector.

The Cooperative Central Bank (CCB) will need a government-funded injection of €150m to €200m in fresh capital, in order to meet its capital requirement target of 14%, chairman Nicolas Hadjiyiannis said recently.

The problem of non–performing loans (NPLs) in the banking sector will be discussed in a meeting between President Nicos Anastasiades and representatives of the banks and with Central Bank of Cyprus (CBC) Governor Chrystalla Georghadji, during the week commencing 16 November 2015.

Moody’s Investors Service recently upgraded Cyprus’ government bond rating by two notches to B1 from B3 and the outlook is stable.

Cyprus has completed another bailout adjustment programme progress review successfully, possibly the last one, Finance Minister Harris Georgiades said recently, but warned that reforms must continue in a bid to strengthen the island’s growth.