in-cyprus4 Jul 2026

Cyprus faces losing millions in Recovery Fund grants as MPs challenge rushed business development bank law

Cyprus faces losing between €50 million and €69 million in European Recovery Fund grants unless parliament approves a rushed bill to establish the Cyprus Business Development Organisation (KOAE) next week, officials said.

The Ministry of Finance is under heavy pressure to secure approval for the draft law, which was submitted at the eleventh hour. The Recovery Plan concludes at the end of the year, and the Republic must appoint the organisation’s board of directors by the end of August. This...

This is a summary. Read the full article at in-cyprus.

Read full article

More from Cyprus

All news

Cyprus Mail

Today’s weather: Sunny at up to 39 degrees

On Saturday, the weather will be overwhelmingly clear with temporary cloud cover in the higher mountains in the afternoon. Temperatures will range from 39 degrees Celsius inland, around 31 degrees in the southeast and on the east coast, 35 degrees on the north coast and around...

today

in-cyprus

Cyprus faces risk of economic and geographic isolation over proposed EU aviation state aid cuts

For most European capitals, the ongoing revision of the European Commission’s guidelines on state aid for aviation is a technical process. For Nicosia, however, it touches upon daily survival and the core of the economy, given that air travel is the sole way Cyprus connects wi...

today

Cyprus Mail

Temvria Beer Festival returns for third summer

Cheers to another beer festival. The mountain village of Temvria is getting ready to raise a glass as the 3rd Temvria Beer Festiva returns on July 17 and 18, promising two days of craft brews, live music and summer festivities. Organised by the youth of Temvria, the summer fes...

today

in-cyprus

Geopolitical crisis hits Cyprus tourism employment as June unemployment rises by 9.9%, data shows

The ongoing geopolitical crisis in our region has dealt a blow to employment. Data reveals that at the end of June, there was an increase in the number of unemployed individuals—a period during which exactly the opposite typically occurs. This is because by June, all hotels in...

today