History
The Turkish invasion of Cyprus in 1974 resulted in the large-scale displacement of the population, and paralyzed the local economy. The CDB had to write off 47% of its loans and about 30% of its equities. The Government’s Scheme of Arrangement of May 1976 helped CDB restore its credit-worthiness and resume its activities.
After the Turkish invasion, the bank concentrated on supporting viable small-scale manufacturing industries. The CDB restructured its organization and recruited additional staff. Lending operations were directed towards the establishment of export-oriented businesses and the development of tourist facilities. Advisory and project management services were introduced. The Bank’s investment department formed the Cyprus Investment and Securities Corporation (CISCO), which actively supported the Cyprus Stock Exchange. In 1984 a special consultancy division was established to support local entrepreneurs.
Read more about this topic: Cyprus Development Bank
Famous quotes containing the word history:
“To a surprising extent the war-lords in shining armour, the apostles of the martial virtues, tend not to die fighting when the time comes. History is full of ignominious getaways by the great and famous.”
—George Orwell (1903–1950)
“Spain is an overflow of sombreness ... a strong and threatening tide of history meets you at the frontier.”
—Wyndham Lewis (1882–1957)
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)