Cyprus PIO: News Update in English, 02-07-16

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From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

Tuesday, 16 July 2002

CONTENTS

• [01] President Clerides receives Alvaro de Soto
• [02] Cyprus represented in Convention on the Future of Europe
• [03] Bank of Beirut establishes Branch in Cyprus
• [04] Cyprus signs International Treaty on Agriculture

[01] President Clerides receives Alvaro de Soto

Replying to a pres question whether he carried any ideas on the solution of the Cyprus problem, Mr de Soto expressed hope that there would be progress. He added that there was much to be done, and said: "We will be working during the summer".

Asked to provide a more specific indication within the summer, he said: "you won't be hearing it from me now, if there is any".

[02] Cyprus represented in Convention on the Future of Europe

Common Foreign and Security Policy of the European Union was the main subject of the Seventh Session. In his speech, Mr Attalides referred to the importance of this issue and indicated the need to reinforce and strengthen EU's efforts to this end.

At the same time, six Cypriot representatives attended the Youth Convention, which was held in Copenhagen.

[03] Bank of Beirut establishes Branch in Cyprus

Bank of Beirut SAL's IBU will deal primarily in foreign currencies and transact business with natural or legal persons who are non-residents of Cyprus, situated either in Cyprus or abroad. As an exception, medium and long-term lending in foreign currencies to Cyprus residents has been allowed, within the framework of liberalising Cyprus's financial system, as from 1 January, 2001. Bank of Beirut SAL's IBU will be subject to the supervision and inspection of both the Central Bank of Cyprus and the banking supervisory authorities of Lebanon.

Bank of Beirut SAL is the eighth bank from Lebanon which has been allowed to establish an International Banking Unit in Cyprus. Its decision to carry on banking business from within Cyprus is another indication of our country's success in attracting international banks and financial institutions as a result of Cyprus' international recognition as a reputable regional banking/financial centre and of the business opportunities which are expected to arise with the accession of Cyprus to the European Union.

Currently, there are 28 IBUs operating from within Cyprus and three Representative Offices of foreign banks in Cyprus. Other foreign banks have expressed a similar interest to establish IBUs in Cyprus and more banking business licences are expected to be granted in the near future.

[04] Cyprus signs International Treaty on Agriculture

The Treaty, which was adopted by the 31st Session of the Food and Agriculture Organization (FAO) Conference, refers to the protection of plants in order to avoid their extinction, and it also defines the terms that must rule the conservation, exploration, collection, characterization and documentation of the plant genetic resources in each country.

From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/

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