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Cyprus’ New Tourism Initiative: The “Historic Hotels Of Cyprus” Label

In a bid to enhance its tourism appeal, the Deputy Ministry of Tourism in Cyprus has introduced the “Historic Hotels of Cyprus” label. This initiative aims to identify and promote hotels and tourist accommodations that possess significant architectural and historical value.

Aims and Objectives

The primary goal of the “Historic Hotels of Cyprus” label is to enrich the island’s tourism product by highlighting establishments that embody the rich historical heritage of Cyprus. By doing so, the initiative seeks to improve Cyprus’s image as a tourist destination, preserve its architectural heritage, and boost local economic development.

Criteria for Classification

To qualify for the “Historic Hotels of Cyprus” label, an establishment must meet several criteria. The building or part of it must be at least fifty years old and feature architecture representative of its original period of construction. Additionally, hotels must exhibit items of historical significance, such as furniture, artworks, and heirlooms, and offer menus that include traditional Cypriot dishes and drinks.

Applicants must hold a valid license from the Deputy Ministry of Tourism or comply with relevant legal provisions. The label, valid for three years, mandates ongoing compliance with these criteria, ensuring that these historic establishments maintain their unique charm and historical integrity.

Economic and Cultural Impact

This initiative not only aims to attract tourists seeking unique, culturally rich experiences but also catalyzes the preservation of Cyprus’s architectural and cultural heritage. By promoting hotels that reflect the island’s history, the Deputy Ministry of Tourism hopes to create a distinct niche within the hospitality sector that can draw visitors year-round, thereby supporting sustainable tourism and economic stability.

Strategic Importance

For business professionals and entrepreneurs, the “Historic Hotels of Cyprus” label presents an opportunity to invest in and develop properties with historical and cultural significance. Such investments can enhance the tourism sector’s diversity and appeal, attracting a broader range of visitors interested in heritage and culture.

Bank of Cyprus Invests €2 Million In 33East Investment Fund

The Bank of Cyprus has taken a significant step in supporting innovation and technology by becoming a founding financier in the 33East Investment Fund with a €2 million investment. This initiative is part of the Cyprus Capital Financing Fund, promoted by the Ministry of Finance in collaboration with the European Investment Bank (EIB). The Fund aims to bridge the financial gap in the Cypriot market, primarily investing in start-ups and innovative companies.

Strategic Move for Innovation

The creation of the Cyprus Capital Financing Fund marks a pivotal moment for the nation’s economic landscape. The Ministry of Finance initiated this project to foster growth in sectors that traditionally face funding challenges. The Fund, with a projected size of €37.5 million, will benefit from a substantial state contribution of €27 million, financed mainly through the National Recovery and Resilience Plan, while the remaining funds will come from private investments.

Collaboration with the European Investment Bank

The European Investment Bank (EIB) plays a crucial role in overseeing the Fund’s operation, ensuring that investments are strategically directed towards high-potential ventures. Through a competitive selection process, 33East was chosen by the EIB to manage the Fund, highlighting the confidence placed in their expertise and vision.

Bank of Cyprus’s Commitment

The participation of the Bank of Cyprus in this fund exemplifies its commitment to fostering innovation and supporting the diversification of Cyprus’s economic model. Eliza Livadiotou, Executive Director of Finance at the Bank of Cyprus, expressed the bank’s enthusiasm for this initiative, highlighting its role in promoting sustainable development and economic diversification.

Supporting Innovation and Start-ups

The investment by the Bank of Cyprus is expected to catalyse growth in the start-up ecosystem, providing much-needed capital to innovative enterprises. Demetrios Zoppos, co-founder of 33East, welcomed the bank’s involvement, recognising it as a significant boost for technology and innovation in Cyprus.

Government and Industry Support

George Pantelis, Permanent Secretary of the Ministry of Finance, emphasised the importance of the Fund and the role of the Bank of Cyprus in achieving a modern, knowledge-based economy. The collaboration between the public sector and financial institutions like the Bank of Cyprus is crucial for realising the vision of a dynamic and resilient economic environment in Cyprus.

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