Nicosia enjoys Turkish boom

NİCOSİA - Anatolia News Agency

Turkish Cypriot Prime Mİnister Küçük says his gov’t plans new investments.

The Turkish Cypriot prime minister has said that his government plans to increase investments as part of a two-year economic program for 2013-2015.

İrsen Küçük told the Anatolia news agency yesterday that the new investment program would be given its final shape after consultations with Turkey, which he said carried out 90 percent of overall investments in Turkish Cyprus.

Küçük said the Turkish Cypriot economy had been growing steadily since 2010 and that the Turkish Cypriot state planning board estimated a 3 percent growth rate for 2012. He added that improvements in Turkey’s economy had positive impacts on the economy of Turkish Cyprus

He added the government’s austerity program had begun yielding results with an increase of 3-4 percent in budgetary revenues, which reached over 2 billion Turkish Liras.

Küçük also said the economic program included more investments in infrastructure, adding that the prospective Turkish supply of water and electricity in March 2014 promised to make a major contribution to the Turkish Cypriot economy.