Government of Cyprus has announced its decision to grant a license for country’s first Casino Resort. Christos Stylianides explained that the resolution about building a casino resort is supposed to provide job positions, increase public finance as well as general country’s profits. The license will be given to the successful bidder within 12 months. A relatively new industry for Cyprus is said to bring a lot of interest from both local and international casino players with a general positive outcome for economical state of the island.
In order to support shaky banking sector and prevent insolvency, a bail-out deal was signed earlier in March involving 23 billion euro financial aid coming from the International Monetary Fund and other European partners. This agreement resulted in reorganization of two commercial banks in the country and certain restrictions on financial flow involving money transfers and withdrawals.