Foreign Minister Constantinos Kombos on Wednesday visited San Marino and, alongside his Sammarinese counterpart Luca Beccari, said he welcomed progress towards a possible association agreement between the country and the European Union.

“It is a distinct pleasure to be in San Marino … As we have celebrated 40 years of official relations between Cyprus and San Marino, this historic visit reinforces the strong bonds of friendship between our countries,” he said.

He added that discussions between himself and Beccari “focused on further enhancing” relations between Cyprus and San Marino, and also announced that a memorandum of understanding in the fields of higher education and research was signed between the two countries.

“We also welcomed progress towards San Marino’s association agreement with the EU, creating new opportunities for cooperation, integration, and closer ties with the European family,” he said.

Negotiations for an association agreement with San Marino concluded in 2023, with the European Commission approving the agreement in 2024, but the agreement remains unimplemented, with the Bulgarian government refusing to acquiesce to it.

This is because the Sammarinese authorities froze €15 million belonging to Starcom Holding, a company owned by Bulgarian businessman Assen Christov, following a failed acquisition of a 51-per-cent stake in the Banca di San Marino.

A criminal case concerning alleged “private corruption” was launched in San Marino against Christov and others in October last year, with the €15m being frozen shortly afterwards. The Sammarinese authorities’ investigation into the matter is ongoing.