Cyprus’ economy grew an annual 2.3% and a seasonally adjusted 2.2% in the third quarter 2015, the statistical service said recently.

A business and investment service centre will begin operations in June 2016.

State-owned power producer Electricity Authority of Cyprus (EAC) said the re-measurement of its pension-plan obligations generated a €244.3m gap, which more than offset a €42m profit it generated in 2014.

Parliament recently gave the nod to a bill governing the sale of loans by banks to third parties – passage of which was a precondition for the release of the last aid tranche to Cyprus.

The government sold a total of €50m in 30-day treasury bills at an average yield of 0.51% on 10 November 2015, the public debt management office said.

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.