Cyprus Sees Strong Banking Growth In December 2024 As Loan Demand Rebounds

by THEFUTURE.TEAM

January 30, 2025

Cyprus closed out 2024 with a surge in banking activity, as both loan demand and deposits recorded significant increases, according to the latest Monetary and Financial Statistics from the Central Bank of Cyprus (CBC).

Loan Growth Accelerates

Total loans saw a net increase of €503.2 million in December, reversing a slight €1.8 million decline from the previous month. The annual growth rate of total loans accelerated to 2.8%, up from 1.9% in November, bringing outstanding loans to €25.4 billion.

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Loans to Cyprus residents rose by €150.7 million.
Household borrowing increased by €111.3 million.
Loans to non-financial corporations also climbed by €111.4 million.
Other domestic sectors experienced a net decline of €72.0 million in loan uptake.

Deposits See Strongest Monthly Gain Of The Year

December also saw a significant rise in total deposits, with a net increase of €977.4 million, far exceeding November’s €91.6 million gain. The annual deposit growth rate climbed to 6.6%, up from 5.4% in November, pushing total deposit volume to €55.9 billion by year-end.

Deposits from Cyprus residents grew by €877.2 million.
Household deposits led the increase, rising €594.5 million.
Deposits from non-financial corporations declined by €135.3 million.
Other domestic sectors contributed an additional €418.0 million in deposits.

Seasonal Trends And Economic Resilience

The CBC attributed the strong deposit inflow in December to seasonal factors, highlighting the resilience of the Cypriot banking sector as loan activity picked up after a slower period. With rising deposit levels and increasing borrowing demand, Cyprus enters 2025 with a strengthened financial system, positioning its banks for continued growth and stability.

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New Era For Kato Pyrgos: Major Upgrade To Fishing Refuge Unveiled

by THEFUTURE.TEAM

June 8, 2026

Project Overview

Plans to modernize the Fishing Refuge of Kato Pyrgos were announced by the Public Works Department, marking the start of a project valued at more than €6 million. The upgrade will focus on the existing port facilities and is intended to support professional and recreational fishermen, while also serving the growing demand for recreational boating in the area.

For years, Kato Pyrgos has faced challenges linked to its geographic location and limited maritime infrastructure. The proposed works are designed to improve access, safety and operational capacity at the refuge.

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Key Infrastructure Enhancements

According to the project’s environmental and engineering studies, the planned works combine port infrastructure improvements with measures aimed at protecting the Tillyria Bay ecosystem.

Proposed upgrades include:

Extending and reinforcing the main breakwater using natural boulders and precast concrete elements to improve protection from northwesterly winter waves.
Dredging the seabed to remove accumulated sediment and increase water depth, allowing safer access and docking for larger vessels.
Replacing existing docking infrastructure with reinforced concrete platforms, including new loading ramps, fenders and safety staircases.
Installing facilities for the collection of used oils and vessel waste, together with integrated fire-fighting systems.

Timeline And Economic Impact

Interested contractors have until July 17 to submit bids, which will be assessed on the basis of both cost and technical criteria. Following the planned contract award on November 17, 2026, construction is expected to last 24 months, with completion targeted for 2028, subject to any appeals process.

Project documentation indicates that the works are expected to create employment during the construction phase while improving maritime infrastructure in the region. Part of a broader programme of infrastructure investment in coastal and remote communities, the Kato Pyrgos upgrade has been prioritised by the Public Works Department.

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