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Larnaca Named ‘Green City Of Cyprus’ For Sustainable Beach Project

by THEFUTURE.TEAM

Cyprus is taking giant strides in sustainability, with three standout recipients set to receive recognition for their environmental commitment. The Municipality of Larnaca, the Limassol District Local Government Organization, and the Cyprus Institute of Neurology & Genetics (CING) have earned their place in the spotlight, each contributing to the protection of biodiversity, water management, and eco-friendly practices. Here’s a look at how these green leaders are paving the way for a sustainable future.

Larnaca Shines As The Green City Of Cyprus

At the heart of Cyprus’ environmental progress, Larnaca Municipality has been crowned the “Green City of Cyprus” in the Pan-Cypriot Green Cities and Green Communities Awards 2024. The honor comes as recognition for its pioneering “Greener Beaches” project in Voroklini, which clinched the award in the “Green Areas – Urban Biodiversity” category.

Larnaca’s commitment to sustainability is not just about beautification—it’s about actively preserving biodiversity and boosting the city’s environmental footprint. Joining the Network of Green Cities & Communities of Cyprus, a collaboration established by the Cyprus Center for Environmental Research and Education (CCEREE), the municipality solidifies its role in fostering sustainable urban development. As officials highlight, the future of Larnaca remains focused on balancing urban growth with nature conservation for the benefit of both residents and the planet.

Limassol District Government Wins Silver Medal For Sustainability

Limassol’s efforts to integrate sustainable policies into everyday governance have earned the Limassol District Local Government Organization the prestigious Silver Environmental Medal for Environmental Policies and Actions at the Pan-Cypriot Environmental Awards 2024.

The recognition highlights the district’s significant contributions to environmental conservation, which include:

  • Advanced sewerage infrastructure and flood protection initiatives
  • Eco-conscious water supply systems incorporating cutting-edge technology
  • Water-saving initiatives, such as recycled water production
  • The use of renewable energy and extensive recycling programs

Yiannis Tsoulοftas, President of the Limassol Water Board, reinforced the organization’s commitment to sustainable development, emphasizing that these efforts serve both the community and the environment. The award will be presented by the President of the Republic of Cyprus in an upcoming ceremony at the Presidential Palace, underscoring the government’s dedication to making green initiatives an integral part of the local governance.

CING Continues Its Commitment To Sustainability With A Silver Medal

For the third consecutive year, the Cyprus Institute of Neurology & Genetics (CING) has earned the Silver Environmental Medal for Environmental Policies and Actions at the Pan-Cypriot Environmental Awards. This recognition further solidifies the institute’s dedication to environmental responsibility, aligning its operations with sustainable practices even in the highly regulated healthcare sector.

Professor Leonidas Phylactou, General Executive and Medical Director of CING, stressed that sustainability is deeply embedded in the institute’s ethos. As a healthcare provider, CING ensures its activities adhere to top-tier environmental standards, continually refining its approach to minimize environmental impact while enhancing healthcare delivery.

Larnaca’s Green Beaches—A Model For Sustainable Development

Larnaca’s “Greener Beaches” initiative—focused on transforming Voroklini into one of the most eco-friendly beach destinations on the island—has earned the municipality its well-deserved recognition. The project is designed to promote urban biodiversity while creating spaces where both residents and tourists can enjoy the beauty of Cyprus’ natural coastal environment. The project is just one example of how Cyprus’ municipalities are not only enhancing their local environments but also leading the charge in environmental education and sustainable urban planning.

With the support of the Cyprus Center for Environmental Research and Education, Larnaca now joins a network of forward-thinking municipalities, making a lasting impact on sustainable development at the national level.

As Cyprus continues to push forward with green initiatives, these awardees are proof that innovation in sustainability can drive real change. By combining bold environmental strategies with a commitment to social and community well-being, the Municipality of Larnaca, Limassol District, and CING are setting a high bar for other organizations to follow. The recognition they receive at the Pan-Cypriot Environmental Awards serves as a reminder that sustainability isn’t just about protecting the environment—it’s about building a better, greener future for all.

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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