Agreement on Economic Cooperation Between TRNC and Turkey Published in the Official Gazette

The agreement on economic and financial cooperation between the Turkish Republic of Northern Cyprus (TRNC) and Turkey for the year 2024 has been published in the Official Gazette.

Signed on June 5 in Ankara between the Republic of Turkey and the TRNC government, the agreement includes a grant of 13.5 billion Turkish lira and credit assistance of up to 2.4 billion Turkish lira, equivalent to US dollars. Vice President of Turkey, Cevdet Yılmaz, and Prime Minister of TRNC, Unal Ustel, signed the document.

The agreement aims to develop the institutional capacity of state institutions and organizations in TRNC, complete their digital transformation, eliminate budget deficits, ensure stability in the defense sector, and promote economic, industrial, and trade development.

Funding also covers environmental protection, cultural and tourism development, support for civil society, improved employment, healthcare, social policies, and education. It targets improvements in transport and energy infrastructure, agriculture, rural development, statistics, information technology, and technological infrastructure.

Planned reforms include enhancing the efficiency and sustainability of public finances, implementing digital transformation, supporting the agricultural sector with a food security structure, improving healthcare services, and undertaking structural reforms. In the tourism sector, the goal is to make local products and museums accessible in Northern Cyprus' active tourism sector.

The agreement also involves reforms such as enacting energy-related laws, strengthening school infrastructure, improving the quality of higher education, and developing women's cooperatives.

Previously reported as the largest in history, the signed agreement marks a significant milestone in economic and financial cooperation between TRNC and Turkey.