$1.2 bln Turkey-Turkish Cyprus deal enters into force

ANKARA - Anadolu Agency

An economic cooperation agreement signed between Turkey and Turkish Cyprus worth 3.5 billion Turkish Liras ($1.2 billion) was published in the Official Gazette on June 29.

The agreement was signed in Ankara on May 27 and became valid following ratification by Turkey’s cabinet members on June 13.

The new agreement proposed loans and grants of up to $1.2 billion from Turkey to Turkish Cyprus to support public finance, the real sector, infrastructure investments, defense and structural reforms over a three-year period.

Aside from financial help, Turkey will also provide technical support to Turkish Cyprus in all fields and Turkish public officials will also be able to station in Turkish Cyprus for as long as requested.

Also, a memorandum of understanding (MoU) to establish a joint customs committee between the Turkish Trade Ministry and the Finance Ministry of the Turkish Cypriot government was also ratified, the Official Gazette revealed.

According to the MoU, a joint committee will identify key areas of cooperation and also oversee collaboration in the area of customs between the two countries.