On Wednesday, Deputy Minister of Tourism Savvas Perdios stated that two major schemes are being developed to improve Cyprus' tourism product.
These include improving and upgrading services, with a special emphasis on the healthcare and wellness sectors, as well as the establishment of relevant centres in rural areas.
The new schemes will have a €20 million budget, which will come from Cyprus' recovery and resilience plan.
Hotels that are currently closed will also be eligible for the scheme.
"We are essentially talking about a qualitative improvement of the services provided by existing units with clear objectives, such as their digital transition, energy transition, and the upgrading or addition of health, wellness, and assisted living services," Perdios explained to local news outlet Stock watch.
Hoteliers will be able to upgrade their reservation systems, modernize their restaurants and bar areas, improve their rooms, and create wellness areas, according to the minister. "It is an admission that we as a country have not developed sufficiently in the field of health and wellness tourism, which is an important component of special types of tourism," Perdios said.
"All of this will help the hotel industry attract a high-income segment of the market that is currently underutilized," he added.
The Association for the Protection of Borrowers (Syprodat) expressed relief this week following President Anastasiades' recent approval of legislation postponing foreclosures until October 31, 2022.
According to the legislation, this also affects ongoing foreclosures as well as the bidding process by other parties for the acquisition of the respective property, implying that the process must be restarted from the beginning following the aforementioned period.
Furthermore, the legislation applies to credit acquisition companies or funds, as well as private parties involved in the purchase of such properties.
The association has also urged loan management companies to proceed with restructuring wherever possible, as required by the relevant Central Bank directive.
"This is the only way to reduce non-performing loans (NPLs)," according to the association.
"Foreclosures will not solve the non-performing loan problem," it added.
The Cyprus Stock Exchange (CSE) lost ground on Wednesday, August 24.
At 13:04 p.m., the general Cyprus Stock Market Index was at 73.83 points, down 0.18 percent from the previous day of trading.
The FTSE / CySE 20 Index was at 43.90 points, representing a 0.3% decrease.
The total value of the transactions was €98,983.
The main, alternative, and investment firm indexes all fell by 0.06 percent, 0.53 percent, and 0.49 percent, respectively, while the hotel index remained stable.
Bank of Cyprus (+0.39%), Vassiliko Cement Works (no change), Logicom (+1.14%), Hellenic Bank (-0.86%), and Petrolina Holdings attracted the most investment interest (-0.9 per cent).