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:
““And now this is the way in which the history of your former life has reached my ears!” As he said this he held out in his hand the fatal letter.”
—Anthony Trollope (1815–1882)
“We don’t know when our name came into being or how some distant ancestor acquired it. We don’t understand our name at all, we don’t know its history and yet we bear it with exalted fidelity, we merge with it, we like it, we are ridiculously proud of it as if we had thought it up ourselves in a moment of brilliant inspiration.”
—Milan Kundera (b. 1929)
“When the landscape buckles and jerks around, when a dust column of debris rises from the collapse of a block of buildings on bodies that could have been your own, when the staves of history fall awry and the barrel of time bursts apart, some turn to prayer, some to poetry: words in the memory, a stained book carried close to the body, the notebook scribbled by hand—a center of gravity.”
—Adrienne Rich (b. 1929)