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Ten years to reduce NPLs

The Cyprus Central bank expects it will take up to 10 years for non-performing loans (NPLs) to drop to manageable levels at the current rate of economic growth, Chrystalla Georghadji told reporters on Friday.

Optimism in the construction sector

The future of the island’s construction sector is optimistic, but repeating the illegal and short-sighted practices of the past will have extremely negative consequences on everyone.

Larnaca marina and port progressing

The process of preselecting the successful bidder for the construction of the new Larnaca marina and port should be completed by the end of this week according to the Minister for Communications and Works.

BOC intends to sell restructured loans

The Bank of Cyprus intends to sell about €20 million worth of restructured non-performing loans of developers and construction companies to a small Cypriot bank according to reports.

Small drop in non-performing loans

Although non-performing loans had fallen by €180 million at the end of January compared to the previous month, as a percentage of total loans the figure remained the same at 47.2 per cent.

Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers’ association (OEV).

Bank lending systems stymie Cypriot buyers

The Cyprus banks complicated lending procedures cause stagnation of property purchases by Cypriots according to the chairman of the Cyprus Real Estate Agents Association (SKEK).

Limassol looks to Marseille for inspiration

Limassol is seeking to take a leaf out of Marseille’s book in an effort to inject new life into the Aktaia Street area of the city and looks set to adopt the Marseille Euroméditerranée project.

Limassol casino contracts imminent

The Melco-Hard Rock consortium is expected to sign contracts for the construction of the multimillion euro casino project in Limassol later this month and should open temporary casinos later this year.

Paphos marina project delayed again

Just when we thought the construction of the Poseidon consortium’s Paphos marina was about to get underway, the consortium has failed to supply adequate evidence of its ability to finance the project.

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