Largest Financial Agreement Between Turkey and TRNC Comes Into Effect

The largest financial agreement in history between Turkey and the TRNC has come into effect. Northern Cyprus will receive a grant of 13.5 billion lira and an additional credit of 2.4 billion.

The decision approving the Agreement on Economic and Financial Cooperation between the Government of the Republic of Turkey and the Government of the Turkish Republic of Northern Cyprus for the year 2024 was published in the Official Gazette of Turkey.

In the decision, published under the signature of President of Turkey Recep Tayyip Erdoğan, it was decided to provide the Turkish Republic of Northern Cyprus with grant assistance of 13,500,000,000 Turkish lira and credit assistance of up to 2,400,000,000 Turkish lira (in US dollars).

The decision includes information on the use of grants and credit assistance in infrastructure, projects in the real sector, reforms, the public sector, and the defense sector.

It was previously reported that the agreement signed on June 5 in Ankara became the largest in history in terms of economic and financial cooperation between the TRNC and Turkey.