At the end of March, the credit rating agency Standard and Poor’s (S&PS) changed Cyprus’ economy outlook from ‘stable’ to ‘positive’ maintaining the “B+/B” rating based on the swifter reduction of the general government debt. Other credit rating agencies like Fitch, Capital Intelligence and Moody’s have also upgraded their ratings for Cypriot banks.
The European Bank for Reconstruction and Development (EBRD), the European Union’s development bank, announced a 200 million euros investment in Cyprus. The investment would concentrate on the financial and energy sectors, but also on small and medium sized companies in Cyprus. The plan is part of the 600 million euros program that will be invested in Cyprus by the end of 2020.