Stelios Philanthropic Foundation is among the sponsors, and annually helps 10 students to finance their post-graduate studies.

Extra places are due to be allocated thanks to fundraising initiatives in 2016 by the foundation's past students.

The ceremony was attended by representatives from both institutions and students, included speeches of gratitude and the significance of the sponsorships was stressed.

The mission of the foundation, is to support philanthropic activities primarily in the places where its founder has lived and worked, such as the UK, Greece, Cyprus and Monaco.