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Cyprus’ Financing Programme On Track Amidst Economic Optimism

Cyprus is advancing its annual financing programme efficiently, aligning closely with its fiscal targets for 2024. The approved borrowing ceiling stands at €1.3 billion, predominantly sourced from European Medium-Term Notes (EMTN). So far, Cyprus has successfully raised nearly €1.2 billion, including a recent €1 billion, seven-year fixed-rate bond issued in June.

The financing strategy also includes public treasury bills and domestic bonds aimed at individual investors. To date, €87.5 million of the targeted €120 million in treasury bills and €6.4 million of the intended €40 million in domestic bonds have been issued. Furthermore, Cyprus has secured €92.75 million in loans from supranational organisations, progressing towards the €140 million goal.

Public treasury bills, set to mature in October 2024, offer an annualised yield between 3.65% and 3.75%, presenting an attractive option for non-professional investors and businesses seeking secure liquidity management.

Sophic, a financial platform, plans to acquire a portion of the upcoming treasury bill issuance, replicating its strategy from June where it, alongside Athlos Capital, acquired over 80% of the €21.5 million issuance for client allocation.

Cyprus’ prudent financial management and structured approach towards funding reflect a robust fiscal framework aimed at maintaining economic stability and fostering investor confidence. This meticulous execution of the financing programme underscores Cyprus’ commitment to strategic fiscal governance and economic resilience, which are vital for sustaining long-term growth.

The ongoing success of Cyprus’ financing programme highlights the nation’s proactive fiscal planning and the effectiveness of its public debt management office. By securing diverse funding sources and maintaining investor engagement, Cyprus continues to bolster its financial stability and economic prospects.

As Cyprus progresses with its financing activities, the focus remains on sustaining fiscal discipline while leveraging favourable market conditions to optimise funding costs. This approach not only ensures the fulfilment of immediate financing needs but also lays a solid foundation for future economic resilience.

€50 Million Luxury Resort Planned For Ayia Napa

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

Aretilaw firm
eCredo
Uol
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