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
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“The only history is a mere question of one’s struggle inside oneself. But that is the joy of it. One need neither discover Americas nor conquer nations, and yet one has as great a work as Columbus or Alexander, to do.”
—D.H. (David Herbert)
“History has neither the venerableness of antiquity, nor the freshness of the modern. It does as if it would go to the beginning of things, which natural history might with reason assume to do; but consider the Universal History, and then tell us,—when did burdock and plantain sprout first?”
—Henry David Thoreau (1817–1862)
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—Camille Paglia (b. 1947)