Cyprus is injecting €10 million to revive its tourism industry, prioritizing promotion and economic resilience under President Nikos Christodoulides’ strategic approach. Despite challenges like the energy crisis and flight availability, Cyprus remains focused on attracting visitors and maintaining its reputation as a top tourist destination.
Cyprus is investing €500 million in cleaner fuels and renewable energy to achieve sustainable economic growth by 2030. With initiatives like “Vision 2035” and support from the European Investment Bank, Cyprus aims to become a resilient leader in global sustainability, focusing on renewable energy research and a hightech economy.
The IMF has urged Cyprus to implement structural reforms in justice, education, and green transition to enhance economic growth, including investing in STEM education and promoting projects like the LNG terminal. These reforms, along with a focus on fiscal policy and the financial sector, can leverage the country’s economic resilience and pave the way for sustainable development and prosperity.
The Cyprus Stock Exchange has introduced new 13week government bonds issued by the Republic of Cyprus, each with a €1,000 nominal value and a total issue of €25 million. These noninterestbearing bonds, with ISIN code CY0240880811, are set to mature on June 21, 2024, offering investors a unique opportunity to diversify their portfolios and engage with the island nation’s financial market.
Patrick Gborie, a refugee from Liberia, defied the odds and graduated with an MBA in Cyprus, cementing his journey from an asylum seeker to a successful graduate. Through his unwavering determination and the support of the Solidarity Network, Patrick’s story exemplifies the triumph of hope, resilience, and the transformative impact of education and community support.
Cyprus’s economy remains resilient amid global financial uncertainty, with a projected GDP growth of 2.2% in 2023. Driven by domestic demand, employment growth, wage increases, and government measures to curb inflation, Cyprus anticipates a gradual economic recovery, with growth rates expected to rise to 2.6% and 2.9% in 2024 and 2025, respectively.
