ExxonMobil is reaffirming its commitment to the Eastern Mediterranean, with recent expansions into Egypt and Greece and renewed plans for exploration in Cyprus. It has been over two years since ExxonMobil last conducted drilling operations within Cyprus’ Exclusive Economic Zone (EEZ), but the company is preparing to return. Energy Minister Giorgos Papanastasiou recently confirmed that ExxonMobil is...
President Nikos Christodoulides has urged an intensified push to meet his administration’s 88 primary goals for 2024, according to Deputy Minister to the President Irene Piki. During a Cabinet meeting, Piki announced that 51 of these initiatives are either completed or set to conclude in the coming weeks, with 38 finished and another 13 nearing the final stages. However, 37 projects still trail behind...
On October 24, Cyprus hosted a conference led by the Department of Environmental Protection, where chief commissioner Antonia Theodosiou advocated for a ban on construction within 100 meters of the island’s coastline. Theodosiou emphasized that coastal construction projects disrupt local ecosystems and degrade natural landscapes. She pointed out that climate change has worsened these impacts,...
The Cypriot government has launched a new public procurement portal, as announced by the treasury on Friday. The platform offers streamlined public access to details about government contracts, including the assignment processes, recipients, and key specifics of each contract. The treasury emphasized that this website is intended as a primary resource for all stakeholders in public procurement. It also...
Cyprus has recorded an exceptional tourism performance over the first nine months of 2024, with Deputy Minister of Tourism, Costas Koumis, calling it “the best nine months on record” for the sector. Speaking at the inauguration of the Cyprus Airways Flying Academy at Larnaca Airport, Koumis shared his optimism about continued success into 2025. “This year has brought unprecedented numbers in both...
The urban planning amnesty initiative introduced by the Cypriot government in September 2024 has seen limited uptake, with residents showing little enthusiasm for legalizing unauthorized structures. According to the Ministry of Interior (MIA), only 34 applications have been received since the program’s launch—28 from Nicosia and six from Limassol. The low response has raised concern within the...
Cyprus officially became a signatory to the Artemis Accords on Wednesday, joining an international framework that sets out principles for cooperation in the peaceful and sustainable exploration of outer space. The signing ceremony was led by Deputy Minister of Research Nikodemos Damianou, who described the occasion as a "significant milestone" for Cyprus. He highlighted that the nations participating in...
Cyprus is close to joining the United States’ Visa Waiver Programme, according to President Nikos Christodoulides, who made the announcement on Thursday. The president hinted that formal announcements could be made soon regarding this development. During a cabinet meeting, Christodoulides emphasized the significance of recent talks between Cypriot government officials and US Assistant Secretary of...
In the second quarter of 2024, Cyprus achieved a significant reduction in its government debt, with the debt-to-GDP ratio falling to 70.5%. This contrasts with the eurozone’s average of 88.1% and the European Union’s (EU) overall ratio of 81.5%, according to Eurostat data released on Tuesday. Cyprus experienced the most notable decrease in its government debt-to-GDP ratio compared to both the first...
The Central Bank of Cyprus (CBC) has emphasized the importance of social sensitivity in pricing and overall business practices, while reassuring that the financial sector remains stable and prepared to handle any unforeseen challenges. This call came as part of its 2023 Financial Stability Report, released on Tuesday. The report highlighted the need for financial institutions to safeguard against...
