While non-performing loans rose in October 2015 by another €100.6m, to €27.4bn, the value of restructured debt rose by €286.8m to €14.2bn, the Central Bank of Cyprus said.

The Cyprus Tourism Organisation has forecast that around 35,000 tourists from Lebanon will visit the island in 2016.

The final bids for Limassol Port must be submitted by January 19 2016.

The Public Debt Management Office sold a total of €120m in 13-Week Treasury Bills at an auction recently.

Cyprus’ energy agenda in 2016 will be extensive, Energy Minister Giorgos Lakkotrypis said recently.

Economic sentiment recovered in December 2015 compared to the month before, rising 1.3 units to 107.6, and matching that of October, which was the highest since April 2015, the University of Cyprus said.

The chairman of the Paphos Commerce and Industry Chamber, Andreas Demetriades, said that the development of the Paphos marina will have a positive multiplier effect on all other sectors of the local economy.

In an effort to improve their financial status and increase their liquidity, major banks in Cyprus place the restructuring of non-performing loans (NPLs) as a priority for the new year, especially now after the government has recently passed the respective law on NPLs.

Should Chinese shipping company COSCO be successful in getting the concession of Cyprus' Limassol port, it would help promote the 'Belt and Road' Initiative, according to leading economics professor, Sofronis Clerides.

Finance Minister Harris Georgiades said recently that as Cyprus would soon be exiting its bailout programme, it was time for a sober assessment to avoid a repeat situation.