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:
“In history as in human life, regret does not bring back a lost moment and a thousand years will not recover something lost in a single hour.”
—Stefan Zweig (18811942)
“The disadvantage of men not knowing the past is that they do not know the present. History is a hill or high point of vantage, from which alone men see the town in which they live or the age in which they are living.”
—Gilbert Keith Chesterton (1874–1936)
“Anyone who is practically acquainted with scientific work is aware that those who refuse to go beyond fact rarely get as far as fact; and anyone who has studied the history of science knows that almost every great step therein has been made by the “anticipation of Nature.””
—Thomas Henry Huxley (1825–95)