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Cyprus Unveils New Initiatives to Promote Electric Vehicle Adoption

The Cypriot government is ramping up efforts to advance the adoption of electric vehicles, an essential step towards embracing a green transition and tackling climate change issues. Transport Minister Alexis Vafeades confirmed the unveiling of a new support scheme aimed at bolstering the electric vehicle sector in an official meeting with the Cyprus Employers and Industrialists Federation (OEV).

Upcoming Schemes to Broaden EV Use

A ministry spokesman revealed in a press release that several new strategies to enhance the deployment of electric cars will soon be introduced, potentially extending to other vehicle types. Though the minister refrained from disclosing specific details, he highlighted the initiative’s tight timeline aligned with the recovery and resilience plan.

The minister has engaged with vehicle importers for insights, highlighting the interconnected nature of this initiative with the local market and industries.

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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