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Hybrid Cars Increase From 26.6% To 37.3% Of Total In January-May 2024

The share of hybrid cars rose from 26.6% to 37.3% during the period of January-May 2024, compared to the same period of 2023, according to Cystat.

At the same time, the share of petrol-powered passenger cars dropped to 49.3%, from 60.8% in the corresponding period of 2023.

The total registrations of motor vehicles during this period increased by 22.1% to 21,881, from 17,927 in January-May 2023.

Passenger saloon cars increased to 17,176 from 14,434 in January-May 2023, recording a rise of 19%. Of the total passenger saloon cars, 7,374 or 42.9% were new and 9,802 or 57.1% were used cars. Rental cars in particular recorded a fall of 29.4% to 1,860.

The share of petrol-powered passengers’ cars to the total of this category of vehicles decreased in January-May 2024 to 49.3% (from 60.8% in the corresponding period of the preceding year) and that of diesel-powered cars to 10% in 2024 from 10.6% in 2023. On the other hand, the share of electric cars rose from 2.1% in 2023 to 3.4% in 2024 and of hybrid cars from 26.6% to 37.3%.

Motor coaches and buses registered in January-May 2024 decreased to 83, from 115 in the same period of 2023. Goods conveyance vehicles increased by 42.6% to 2,471 in January-May 2024, compared to 1,733 in January-May 2023. In particular, light goods vehicles increased by 46.1% to 1,955, heavy goods vehicles by 35.3% to 291, road tractors (units of trailers) by 70.4% to 92 and rental vehicles by 5.6% to 133.

Mopeds of less than 50cc registered in January-May 2024 increased to 381 compared to 61 in the corresponding period of the previous year. Motorcycles over 50cc increased by 7.7% to 1,479 in January-May 2024, compared to 1,373 in the same period of 2023.

In May 2024, the total registrations of motor vehicles numbered 4,292, recording a decrease of 9.6% compared to 4,747 in May 2023.

Passenger saloon cars registered a decrease of 14.5% to 3,325, from 3,888 in May 2023.

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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