Cyprus from an example to avoid has become an example to follow, Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, Taxation and Customs Union said in an interview with CNA, adding that the Cypriot economy has made remarkable progress following two years of an adjustment programme.

Cyprus is now part of the MED transnational cooperation programme that was awarded €275 million from the European Commission, along with €224 million from the European Regional Development Fund.

The European Bank for Reconstruction and Development (EBRD) has laid out its first official plan of action for Cyprus, saying it would focus on repairing banks, privatisations and key infrastructure like ports.

Investors from Russia and the region have expressed interest in the purchase of the state-owned Cyprus Telecommunication Authority (CYTA), sources within the Ministry of Finance said recently.

The Cyprus Gas Public Company (DEFA) will pick the winning bidder for the temporary supply of natural gas to the island shortly, according to press reports.

Telecoms group MTN has launched its second Innovation Challenge, with the aim of supporting start-ups in the field of technology.

Noble looks set to cut its stake in Cyprus’ offshore Block 12 where the Aphrodite field is located.

Revenue from tourism recorded a large increase of 15% in March 2015 compared to the corresponding month of the previous year, reverting thus the negative aspect that dominated the first two months of the year.

President Nicos Anastasiades said recently that the government was looking to improve the island’s tax framework and cut red tape in a bid to attract foreign investment.

Four major companies from Las Vegas, Malaysia and Macao are expected to bid for the licence to build and operate a large casino resort in Cyprus.