legislative developments

eu financial support legislative developments

EU Financial Support and Legislative Developments in Cyprus

The European Union is providing €1 billion in aid to Lebanon to combat its economic crisis, enhance border controls, and promote recovery. Meanwhile, the U.S. Congress is considering extending the waiver renewal period for the arms embargo on Cyprus, reflecting a shift towards a more stable partnership and recognizing Cyprus’ strategic importance in the Eastern Mediterranean region.

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Cyprus Business Now

The Cyprus Borrowers Association (Syprodat) recently celebrated the ratification of two bills that offer substantial support to vulnerable borrowers, protecting primary residences and professional premises valued up to €350,000 and €750,000 respectively. The legislation also enhances the role of the Financial Commissioner, allowing for outofcourt dispute settlements and providing a mediation appeal process for terminated loans, further safeguarding borrowers.

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