Cypriot President Nicos Anastasiades on Friday said that the country intended to
speed up solar power installations and launch subsidies for the sector, while
introducing a set of measures aimed at economic growth.
In March the
country agreed to a huge rescue package from the euro area and the International
Monetary Fund under the condition that Cyprus introduced a tax on bank deposits,
carry out wage cuts and also dispose of certain assets and gold. Now the gross
domestic product is expected to fall by 8.7% in 2012.
Anastasiades was
quoted by local and global media as saying that one of the government moves to
overcome the tough situation would include solar power investment. The president
calculates that the country could save EUR 51 million (USD 66m) per year by
tapping its solar power potential. The sector can also create as many as 650
jobs, Bloomberg said, citing the government calculations.
Other measures
to be undertaken include tax breaks to companies that take on new workers for no
less than a year and the opening of more casinos to give a boost to the tourism
sector. In addition, Cyprus will provide partial subsidies to ensure salaries
for 6,000 unemployed if they find a place in the tourism sector and will also
grant state and church-owned land to young people for cultivation, according to
a report by the Associated Press.