The year 2015 will bring about a reckoning for Cyprus. Set to exit recession and back on international markets, the country is ripe for economic recovery – with tourism, energy and financial services driving growth

Cyprus Airways was shut down after the European Commission ruled that more than €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid and €66m had to be repaid.

Authorities further relaxed restrictions on capital movement citing “important progress” in stabilising the banking system and restoring investor and depositor confidence in the banking system, the Finance Ministry has said.

Cyprus will be showcased at 20 international business forums in 12 countries over the next 12 months, Commerce, Industry, Tourism and Energy Minister Giorgos Lakkotrypis said recently.

Services offered by the Co-op bank will be consolidated island-wide from 12 January 2015, after the network merged its logistics systems.

The European Commission has ruled that €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid, which could herald the end of the national carrier.

New routes to Paphos in Cyprus are to be introduced by Thomson and First Choice from Bristol airport for winter 2015-16.

Cyprus government bonds are expected to attract interest from foreign investors, according to sources, however, uncertainty in the markets about the future of Greece in the eurozone may affect the yield paid by the government.

The Cyprus Institute of Neurology and Genetics (CING) puts Cyprus on the map when it comes to research productivity, according to the scientific magazine Nature.

The Eastern Mediterranean region, including Turkey, Cyprus, Israel, Egypt, Jordan, Lebanon, “will be able to work together to get to a point of cooperation/collaboration for exploiting their resources”, Special Envoy and Coordinator for International Energy Affairs leading the Bureau of Energy Resources at the US Department of State Amos Hochstein said recently.