Current Events

The European Bank for Reconstruction and Development (EBRD) has exited the Bank of Cyprus by selling its entire 5% stake.

The shares – 22,401,744 in number had been offered via accelerated bookbuild on the Athens Stock Exchange (ATHEX).

The Bank of Cyprus received its first investment from the EBRD in 2014 for stabilizing and restructuring itself while navigating the EU’s downturn and the financial crisis worldwide.

Since then, the Bank of Cyprus has become profitable once again. Its ratio of non-performing loan exposure has gone down from 60% to 2.5%. In 2023-2024, it averaged 20% return on equity.

EBRD selling its stake shall serve to help the Bank of Cyprus increase its liquidity on the ATHEX.

Kristina Zagar, the Director of European Union Banks & Structured Finance of EBRD has saif that they are very proud to have aided the Bank of Cyprus for over a decade as it navigated ups and downs. Since their strategic investment, the Bank of Cyprus has managed to tighten its credit process and reestablished itself as a reliable lending partner. Now it has also re-listed on ATHEX – even after being delisted from London – which demonstrates the bank’s transformation arc.

The EBRD originally made an investment of €600 million in the island nation for the period of 2014-2020, mainly to help the financial sectors recover themselves.

EBRD exits Bank of Cyprus

Turkey has been busy in recent months, trying to strengthen the amount of military presence it commands in its occupied section of Cyprus.

They have increased the number of Turkish troops in the breakaway nation, and plan to further double the number.

According to TRT Haber, Turkey’s move comes after Greek Cyprus is being seen making stride to improve its stability and importance – both in the East Mediterranean and the Middle East.

The local command in Turkish Cyprus is under the charge of a lieutenant general appointed by the Supreme Military Council – this shows the intention of installing a rather permanent form of military presence.

According to various sources in Turkey and Turkish Cyprus, there are probably over 100,000 soldiers already – strategically spread across air, sea, land, electronic and of course support forces.

Allegedly, the authorities there are framing the developments as a precautionary response in light of military activities orchestrated by Germany, the UK & US, as well as Israel in Greek Cyprus and adjoining areas.

The south-eastern European countries of Greece and Cyprus are seeking assistance from the European Union (EU) Civil Protection Mechanism to fight extreme cases of wildfires.

The European Union has responded by mobilizing 2 Canadair aircrafts from their ‘rescEU’ fleet.

This request for assistance comes after a huge wildfire that started in Cyprus’ Limassol, and brunt over 120 square kilometers of land in a matter of days. The situation was made worse by the combination of 44°C+ hot heatwaves and fast winds.

The villages of Malia, Lofou and Souni, have all been largely affected – the air quality of these places have deteriorated greatly all over the area.

The team fighting the fire included over two-hundred-and-fifty firefighters and eighteen airplanes – from Israel, Jordan, Spain and of course Cyprus.

A large portion of the blame for the wildfires goes to the scorching heatwave and wind gusts being experienced by people all over Europe.

Dr. Petros Karayiannis, Professor of Microbiology & Molecular Virology at the University of Cyprus has said that the island nation is under no threat from the mosquito-borne disease.

However, he has confirmed that there may be a slight transmission risk.

The Chikungunya virus was identified in 1952 in Tanzania in 1952, and has been found to has cause outbreaks of various sizes, primarily in sub-tropical and tropical areas.

Several case clusters have been spotted in countries such as France and China – although Cyprus is not facing any such issue at the moment.

Dr. Karayiannis mentioned that Aedes aegypti and Aedes albopictus – the mosquito variants which are responsible for transmission, have been found on the island nation. However, he added that for the transmission to actually happen, the mosquitoes need to bite an infected traveler, which would lead to the spread of the virus.

Much like Dengue, Chikungunya spreads via the bites of mosquitoes. There are also overlap with symptoms – most common of them pain in the joints and muscles, headaches, rash and of course fever. Most people recover without major complications – but the elderly, children and those with co-morbidities might be at risk of death.

The disease has neither a vaccine not an antiviral course of treatment. The only action is the treatment of symptoms till they ease up – and of course prevention in the first place. Those living and especially traveling to areas with case clusters have been advised to wear protective clothing, use an insect repellent, and sleep inside a mosquito net. They can also use electric fans, which have been known to deter the activity of mosquitoes.

Due to its symptoms resembling other mosquito-borne diseases such as yellow fever, dengue and Zika, a PCR test is the only way to confirm the presence of the virus.

The German Medical Institute of Cyprus has established an AI-powered medical testing center as part of its digital transformation initiative titled Agora 3.0. Their intention is to advance medical science and launch strategic partnerships with the Indian healthcare and innovation sectors.

Demetris Skourides, Chief Scientist of the German Medical Institute conducted a thorough review to ascertain the progress achieved on the facility – whose ultimate goal is to create the first ever 100 percent digital-based hospital in Cyprus.

German Medical Institute Medical Director Professor Constantinos Zamboglou has stated that an AI-powered supercomputer has already been installed, and the basic infrastructure to enable the AI medical testing, diagnosis and development have been laid down. He further added that the aim of Agora 3.0 is to function as a premier hub for AI-powered Testing and Validation. The hub here will offer a solid base for developing and testing AI-powered medical tools and machines.

The intention for the hub is to act as a contact point for all global AI companies that are looking to enter the European Union market through Cyprus. Officials of the institute have said that they are working on offering regulatory assistance such as pathways for CE certification, among others.

Right now, the first spinoff company, GMIC has been launched, which is all set to create collabs with counterparts in the US (specifically Stanford), Germany, Serbia and Bulgaria.

Zamboglou will be visiting India in mid-September within a delegation of Cypriot nationals at the upcoming ICC Global Business Summit. The plan is for the GMIC to sign an MoU with Tata Memorial Cancer Centre and the ARIA Matrix, an India-based AI startup.

These partnerships are coming after recent visits between India’s Narendra Modi and Cypriot President Christodoulides.

The second day of incessant blackouts in Cyprus led to many patients being stuck mid-way in diagnostic machines, causing distress to doctors and patients alike and bringing up topics of potential public health risks.

The blackouts originated after Cyprus’ Transmission System Operator specifically ordered controlled load-shedding meant to last for approximately 30 minutes going area-by-area.

Ironically, this was not due to power shortage, since Cyprus does have the structural capacity. It was due to availability – since several normal generators were not online due to the sun setting and production dropping, the power grid could not match demand with supply.

However, with the heat wave in the picture, the fairly short blackout seemed very long. Families having small kids, elders or even equipment-reliant patients felt the crunch of the power outages. Tourists too bore the brunt of having no power for 30 mins at a time.

The most burnt are hospitals – Pancyprian Association of Diagnostic Centers’ Director George Kouttoukis said that many patients were stranded midway in diagnostic machines. Not only was this emotionally distressing, it could have caused great bodily harm – especially for patients using pacemakers or those given medicines prior to their procedures.

Unsurprisingly, the elderly and/or those with co-morbidities were the most at risk, followed by those with mental health conditions such as claustrophobia. Being trapped in an elevator or an MRI machine could cause them great panic, if not any more.

Kouttoukis claimed that he was given full assurance that organizations offering medical services would not be affected – but found out the hard way that diagnostic centers did not make the cut. He claimed that any and all his calls to the minister, or the director-general went unanswered.

Cyprus is facing huge droughts, courtesy heat waves, dry weather, dusty winds, sudden storms and even flash floods and hail spells.

All of these adverse weather situations have negatively impacted cultivation and farming – leaving the government to resort to monetarily compensate out-of-work-farmers in rural regions.

To that end, the Ministry of Agriculture ministry conducted a damage assessment. This one was exclusively for wheat, but they are repeating the same for vineyards, and later – others.

Cyprus is also seeking assistance from the European Union.

Panikos Hambas, General Secretary of the EKA has called the events tragic – explaining how these unexpected yet devastating droughts have caused damage that will take years – if not more – to repair.

Makis Antoniades, the Director General of the Department of Agriculture said that the relevant organizations are closely monitoring the drought’s effects and its ripple effect on crops and farming at large.

Government compensation is only the first of many stages of response – more will come once the full assessment has been completed and the compensation amounts have been calculated.

Antoniades added that despite the supply shortage, consumers are currently in no danger of shortage of finished goods, since the deficit is being made up by imports. This also includes animal feed and similar products.

The government of Cyprus has already informed the European Union farming and fishing commissioners (Costas Kadis) about the droughts, and is asking for advice on how to handle the next steps. This issue is on the main agenda list of the Agriculture ministers.

Cyprus was given over 3 million in 2024 to combat crop shortages due to climate-induced damages.

One of the main reasons for affected farming is still the water shortage. To combat the issue, the Ministry of Agriculture is all set to introduce smart irrigation systems to enable farmers to get some assistance.

Beirut-based Union of Arab Banks and the Association of Cyprus Banks have signed an MoU to fortify their history of cooperation and encourage further activity that will help both organizations to progress and advance.

According to an announcement by the Association of Cyprus Banks, the Memorandum of Understanding was signed in August in Nicosia by the organization’s Chairman of the Board of Directors, Aristidis Vourakis, as well as the Union of Arab Banks’ Secretary General Dr. Wissam Fattouh.

The announcement says that this signing is a highly essential step to ensure that the two organizations understand, cooperate and shape banking to benefit them and everyone they serve – especially in light of the ever-changing geopolitical landscape.

It always says that the MoU serves to present a highly positive precedent of collaboration and cooperation between two institutions that are from varied geopolitical, economic, and geographical situations.

One of the main outcomes of this MoU is to establish the Arab Cypriot Banking and Economic Dialogue. This is meant to function as a strong platform to help fortify cooperation and encourage better flow of knowledge and information between the organizations.

According to the Cyprus Federation of Student Unions (Pofen), single rooms are now priced at approximately €350 per month – which is the highest the nation has ever seen.

Right now, the University of Tepak in Paphos and Limassol offer 150 and 250 rooms respectively, the University of Cyprus in Nicosia offer 208 rooms, while the archbishopric in Limassol offer 250.

Dorm rooms are typically meant to accommodate first-year students and their needs.

According to Constantinos Karseras, the chairman of Pofen, the demand has far exceeded the supply in Limassol, which has spurred universities to build new dorms in both Nicosia and Limassol to bridge the gap.

The level of progress is better at Tepak, which has announced 300 student rooms to be ready by late-2026.

What concerns Karseras the most, however, is that the dorm plans are based on data from 2020, while Tepak has introduced several new programs and subsequently accepted many more students.

Currently, a “subsidized” single Tepak dorm also costs €350 a month. What sets them apart is that they have offered a €2,500 subsidy to cover 10 months – subject to the student’s socioeconomic status.

The bishopric in Limassol has offered a free meal per day, while both Tepak and the University of Cyprus have offered yearly scholarships to certain students.

The website of Tepak says that among the 250 available rooms, studio flats cost €300 a month, single-bedroom flats cost €350, twin-bedroom ones cost €500, while three-bedroom ones cost €600.

Tepak in Paphos has arranged over a hundred-and-fifty studio apartments for €350 per month, and another fifty available at the standard €550 per month price.

A Facebook page is currently trying to create a chart of all apartments available so students can match up with suitable roommates. In over two years of operation, it has helped over five hundred students – many senior students have managed to secure all-year accommodations for as less as €400 – in the face of dorm rooms being given to first-year students on a priority basis.

Renowned Nobel Laureate from Turkey Aziz Sancar is now officially a citizen of Turkish Cyprus.

Sancar, who is well known in the breakaway island nation for his work in their academic circles – and for his love for the area – has been visiting the place for years on-and-off, where he has served many positions – from serving on the Near East University’s Synthetic Biology Research and Technology Center’ science board to lecturing in academic institutions. He is also known for actively advocating Turkish Cyprus to be recognized internationally.

Sancar has been awarded the honor of becoming a Turkish Cyprus citizen on the basis of his current and future contributions to the fields of culture, technology and of course science – along with advocacy for the yet-to-be-recognized nation.

Sancar notably supported Turkish President Erdoğan’s call for globally acknowledging the nation of Turkish Cyprus at the UN General Assembly. He did show by wearing a shirt which said “TRNC Should Be Recognized” which was posted by him on social media as well as extensively photographed.

He enjoys a deep friendship with Ersin Tatar, the President of Turkish Cyprus, and academician-turned-health-advisor Nedime Serakıncı.

Sancar was awarded the Nobel Prize for Chemistry in 2015, along with his Swedish and American colleagues.

News of India reportedly supplying its BrahMos missiles to Cyprus has been doing the rounds – and it has put Turkey in a state of unease.

While neither India nor Cyprus have said anything on the matter, the spread of the news via other channels has led to debates within the larger Mediterranean area.

BrahMos is a high-end missile designed by a Russia-India scientist tag team- they are hypersonic and highly-precise missiles that can hit targets on sea and land.

Having such a missile in their arsenal would greatly empower the island nation’s capacity to deter current and potential threats.

India has been exporting the BrahMos missile for some time now – the Philippines is one of their dedicated customers.

Turkey, however, is alarmed by the alleged development, citing it as a move that will change the balance of power in the Eastern Mediterranean region by giving Cyprus a major and immediate advantage from a strategic standpoint.

Cyprus and India strengthening their relations also have the potential to sour their relations with other neighboring countries – such as Turkey itself.

A huge wildfire that took place in the south of Cyprus led to the death of two people, and emergency evacuations of thousands of people.

The fire in question destroyed more than 38 sq mi (or 100 sq. km) of land in a place located north of Limassol, famous for wine production.

The fire started in the middle of the day and continued for days, razing over a dozen different villages to the ground and causing great grief and loss.

The fire department found 2 people dead in a burned down car -presumably trapped in the fires. Ten others have sustained injuries – and two of these are in critical condition.

The fire was further exaggerated by the hot weather – the temperature went up to 109.4 degrees Fahrenheit and later 111.2-degree Fahrenheit – the hottest in 2025 so far. Coupled with unruly and forceful winds, the effect was the derailment of several containment initiatives.

Cyprus’ Interior Ministry ordered evacuations in a mountain region spanning fourteen kilometers. Evacuation efforts also included moving camp-going children near the village of Lofou to a safe space.

Several videos of the fire are circulating on social media, showing the stark destruction of vegetation, trees, and of course houses, along with a heavy permeation of dense smoke.

Over 250 firefighters have worked to curb the firefighters. The efforts also include thirteen air planes – which include those sent from Spain, Jordan and the RAF Cyprus-based Chinook.

Authorities are investigating the exact reason why the fire happened in the first place.

The authorities in Cyprus have conducted an emergency medical evacuation by transporting a gravely ill ship crew worker by air.

According to a statement by the Joint Rescue Coordination Centre (JRCC), the operation started at 9:20 PM in the evening as a part of the National Search and Rescue Plan (NEARCHOS) after receiving a distress signal.

The relevant authorities then went to evacuate said patient from the ship he was on in the Nicosia FIR region of Cyprus’s search and rescue responsibility area.

The evacuation involved a police helicopter, which was used for transporting the patient as well as the medical crew and ambulance nurse.

Authorities have confirmed that the patient reached the hospital on the island safely and was treated for his condition.

Boris Demash, the owner and founder of Cyprus Daily News (CDN) and its associated platforms was recently arrested by the police.

The arrest warrant was issued as part of the ongoing investigation regarding a defamation case, which involved a disinformation campaign launched against businessman Alexey Gubarev.

Courts issued the arrest warrant after they found that Demash in fact was not in compliance with the prohibitory injunction terms and had not made his scheduled court appearance to give his response to the application of contempt.

The above-mentioned developments happened after Gubarev fought back against the claims made against him

Cyprus Daily News, a self-professed online publication highlighting social and political issues in Cyprus, does not have any official registration with Cyprus’ Press and Information Office.

Cyprus has officially launched its European Union Blue Card scheme for non-European and non-EU nationals who are seeking employment and residence in Cyprus.

The Blue Card is a highly coveted document sought by non-EU professionals who have in-demand skills and are looking to live and work in the region.

The Deputy Ministry of Immigration and International Protection made the announcement – thus marking the first ever occasion where Cyprus is extending support to talent outside of the EU region.

Getting the Blue Card will allow skilled non-EEA and/or non-EU workers to reside and work in the island nations with many of their rights at par to that of the country’s citizens. It allows card holders to move in all EU countries bar Ireland and Denmark (since they are not part of this scheme).

Right now, Cyprus is issuing Blue Cards for those working in shipping (bar crew and captains), pharma research, and information and communication technology (ICT). Applicants need to have a minimum annual salary of over €44,000, and fulfill the professional and/or academic requirements.

Aside from having the right to work and reside in Cyprus, the Blue Card will provide its holders the right to claim equal status in work situations, education and learning and social security. It will also allow them to have their family members, provided they have suitable permits for residence.

If card holders have spent other years in EU countries (covered in the scheme), they will be able to combine them to qualify for further residency. They can also freely travel within the EU region (bar Ireland and Denmark) so long as they have the card.

The ExxonMobil-and-QatarEnergy-led consortium has discovered yet another deposit of natural gas.

This will mark their second discovery since their first one on Block Ten in 2019.

It was also made in Block 10, but this time it was in the “Pegasus-1” area of the larger Exclusive Economic Zone (EEZ) of Cyprus.

Specifically, the site is situated around 190 south-west from Cyprus, and contains over 350m of gas-led reservoir.

A statement from the government of Cyprus revealed that the drilling was done by the drillship Valaris DS-9 in over 1,921m of water.

The specific composition of the shall be revealed once the samples have been fully analyzed.

According to several experts in this area, this discovery will help boost energy supply in Europe, which will be especially helpful as it is decreasing its dependence on Russia.

As mentioned earlier, this is the second discovery made in the area by the consortium – the first was made in 2019 at Block 10’s Glaucus-1 – situated over 180km southwest of the port of Limassol.

The discovery revealed over 133m of gas reserves. A successful drilling operation was conducted, which reached over 4,200m in depth and was done in waters over 2,000m deep.

The ExxonMobil-and-QatarEnergy-led consortium currently has the rights to operation within 2 blocks of Cyprus’ EEZ.

The Cyprus Police is actively looking for cars and other vehicles experiencing overheating – something that has been common lately thanks to the elevated temperatures.

In the latest incident, the Police responded to a call made at the Limassol-Nicosia highway, where a mini-bus caught fire for this very reason.

Local news sources said the mini-bus’s passengers where National Guard soldiers being transported to their respective units.

The mini-bus was totally destroyed.

Specifically, the incident happened near Parekklisia. The silver lining was that the soldiers managed to escape with zero injuries. Although, traffic was disrupted due to either capital-bound lane being shut down for multiple hours until the bus was taken away and the scene was thoroughly investigated.

All operations have since resumed to normal.

Cypriot hypermarket giant Alphamega is all set to acquire online quick commerce service Foody Market.

While Alphamega has completed the paperwork, including signing the agreements – the actual transaction process remains subject to the approval of the Commission for the Protection of Competition (CPC).

Acquiring Foody Market does not give Alphamega access to other dimensions of Foody’s scope of operations.

When the actual transaction is complete, Foody Market shall be fully integrated within the larger retail network of Alphamega. It will migrate to operating within the larger ‘Alphamega Express’ – allowing the larger company to expand its presence in the island nation’s burgeoning online shopping scenario.

Specifically, the Foody Market stores set to join the network are the ones in Limassol and Nicosia. They will be filling out orders from the supermarket via the Foody platform.

This development will allow customers to get their order more seamlessly and get their deliveries quicker – thus creating a much better overall experience.

For Alphamega, this expansion will help them offer more options to their customers, and will help them understand and navigate online store operations better.

People will have the option to either schedule their delivery via the online store on the Alphamega website or order for a quick delivery via the Foody Market online store.

George Theodotou, the CEO of Alphamega has expressed his happiness on the development, mentioning how the expansion is a win-win for everyone involved. He remarked that it will make both businesses stronger by offering more options to today’s consumers and their time-bound lifestyle.

Theodotou further added that the partnership will not end here – and that more plans are on the way. And that it all starts with serving customers who for any reason are unable to physically reach a store.

Meanwhile Srdjan Stankovic, the CEO of Foody called the agreement a major milestone as the company makes a stronger and better partnership with the Cypriot retail giant.

The UN held a five-party meeting regarding the Cyprus reunification issue at their NY headquarters.

The event was originally announced by Stephane Dujarric, a spokesperson for the United Nations Secretary-General at the press conference.

The convening of the Secretary-General happened after the first of such meetings in 2025 in the month of March. Here, the leaders of both Turkish and Greek Cyprus, along with leaders of other major powers in the area such as Turkey, Greece and the UK met yet again to discuss the issue of the divided island nation at length.

While the talks were not the most encouraging, those who attended the meeting agreed that it was a good opportunity to keep the communication channel open and hold out on the possibility for things to improve in the future.

The island nation of Cyprus has been a divided one since 1974, sparked off by Turkey invading Cyprus and then staging a coup with the Greek military regime at that time. As of July 2025, Turkey is the sole nation to recognize Turkish Cyprus as an independent nation, and keeps over 35,000 soldiers on standby there.

The Cyprus-based investment firm Exclusive Change Capital has reached a settlement with Forty Thousand Euros with the Cyprus Securities and Exchange Commission (CySEC).

The reached settlement is about the potential violation of 2017’s Investment Services and Activities and Regulated Markets Law – in the way it has been amended.

In specific terms, an investigation was made in the time period of January to August 2021 about the company’s situation regarding compliance of Investment Services and Activities and Regulated Markets Law’s Article 22(1) and the conditions of authorization under article 17(5)(b) – also of the same law.

As an investment firm based out of Cyprus, Exclusive Change Capital is obligated to adhering to these organizational rules – which it did not.

Exclusive Change Capital has paid the settlement amount. CySEC has acknowledged the same and noted that the amount paid shall be considered income of the Cypriot Treasury and not of the CySEC itself.