Plug And Play Expands To Cyprus With 60 Startups, 500 Jobs Plan

Plug And Play Cyprus Expands Global Innovation Network

Plug and Play Tech Center has launched an innovation center in Cyprus, expanding its global network of more than 60 locations. The center was presented in Nicosia and connects startups, investors, corporations, and partners within the company’s international platform.

Advancing High-Growth Sectors

Six acceleration and incubation cycles will focus on high-growth sectors. Around 60 startups and companies are expected to participate across these programs. Support is structured to help companies move from early-stage development to commercially viable products and services.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Driving Job Creation And Economic Resilience

Government estimates indicate the initiative could create around 500 jobs. Officials said the program is intended to improve access to international markets, investment capital, and technical expertise for Cypriot companies. Broader efforts to strengthen cooperation with U.S. partners in technology and investment preceded the launch.

A New Era Of Economic Modernization

Irene Piki, Deputy Minister, said the center connects local startups with global networks and investment partners. According to her, the initiative forms part of a wider government strategy focused on innovation and knowledge-based economic growth.

Bridging Local Talent With Global Investment

Connections between local startups and international investors will be established early on. Focus remains on facilitating funding opportunities and supporting expansion into foreign markets. Partnerships include Asbis, Tototheo, Mastercard, and EcommBX, which will participate in program activities and support startup development.

Strategic Impact And Future Outlook

Nicodemos Damianou, Deputy Minister, said Cyprus has increased foreign direct investment and improved its position in global innovation rankings in recent years. Government initiatives, including the Cyprus Start-up Visa Scheme and Minds in Cyprus, continue to support ecosystem growth and attract international talent.

Plug And Play’s Legacy Of Innovation

Seena Amidi, Managing Partner of Plug and Play Tech Center, said the company has expanded from its origins in Silicon Valley into a global innovation platform. He said the Cyprus center is intended to support local startups in securing funding and expanding into international markets. Plug and Play has completed more than 2,000 investments and supported over 30 companies that reached unicorn status, including Dropbox and PayPal. The Cyprus expansion adds the country to the company’s global network and extends its activity in startup acceleration and investment.

The Future Forbes Realty Global Properties

Greek And Cypriot Banks Propel Economic Growth With Aggressive Credit Expansion

by THEFUTURE.TEAM

May 25, 2026

Robust Q1 Growth Sets The Stage

Banks in Greece and Cyprus are accelerating lending activity, with total credit expansion projected to approach or exceed €15 billion in 2026. The increase is reinforcing the banking sector’s role in supporting profitability and broader economic growth across the region.

Targeted Lending Initiatives And Sector Performance

According to reports by Greek business outlet Newmoney, banks are increasingly relying on credit expansion to sustain earnings growth as interest rate dynamics shift across Europe. First-quarter results already point to strong momentum in lending activity.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Eurobank has set a target of €3.8 billion in credit expansion this year. National Bank of Greece and Piraeus Bank are each targeting €3 billion, while Alpha Bank aims for €3.5 billion. Smaller lenders are also expanding aggressively, with CrediaBank targeting €1.2 billion and Optima Bank aiming for €1.1 billion.

Notable Banking Results Across Markets

First-quarter results underline the scale of the lending rebound. Banks that have reported Q1 figures recorded cumulative credit expansion of €4.7 billion. Piraeus Bank increased its loan portfolio to €38.6 billion, while net credit expansion reached €1.3 billion across major business segments. At National Bank of Greece, new loan disbursements rose 50%, contributing to net credit expansion of €500 million.

Meanwhile, Eurobank reported a 9.8% increase in net credit expansion to €1.1 billion. In Cyprus, Bank of Cyprus recorded Q1 lending of €829 million, up 9% compared with the end of 2025, while Optima Bank posted a 27% year-on-year increase in loan disbursements to €1 billion.

Sectoral Dynamics And Asset Quality Improvements

A recent report from UBS showed that business lending remained the strongest growth driver in March, increasing 10.9% year-on-year. Consumer lending rose 7.7%, while housing loans increased 1.1%. Asset quality also continued to improve. Non-performing loans declined to 3.3% in Q4 2025, down 30 basis points from the previous quarter, reflecting the sector’s ongoing balance-sheet clean-up.

Despite the strong lending momentum, profitability remained broadly stable in the first quarter. Combined net profits at major banks, including National Bank of Greece, Piraeus Bank, Eurobank, Optima Bank and Bank of Cyprus, totaled €1.12 billion, representing a marginal year-on-year decline of 0.27%.

Profitability And Revenue Breakdown

Profit trends varied across institutions during the quarter. Net profit at National Bank of Greece declined 9.9%, while Piraeus Bank reported a 1.42% decrease. By contrast, Eurobank increased profitability by 5.3%. In Cyprus, Bank of Cyprus reported a 3% increase in profit, while Optima Bank posted a 22% rise. Across the sector, net interest income increased 1.4% to €1.93 billion, although performance differed among individual banks. Fee income recorded stronger growth, rising 20% year-on-year to €590 million.

Long-Term Trends And Strategic Impact

Over the past year, listed banks in Greece and Cyprus generated combined post-tax profits of €5.458 billion, up 15.4% from the previous year. During the same period, net interest income declined 4.2% to €9.307 billion, reflecting pressure from changing rate conditions.

Balance-sheet quality continued to strengthen as non-performing loans fell to €5.7 billion, down 5.2% compared with December 2024. Since March 2016, banks in the two markets have reduced non-performing exposures by an estimated €101.5 billion, equivalent to a cumulative decline of 94.7%.

The sustained improvement in asset quality, combined with expanding loan portfolios, is reinforcing the sector’s role in financing business activity and economic recovery across Greece and Cyprus.

Breaking news