Turkey, Turkish Cyprus sign financial cooperation pact

Turkey and the Turkish Republic of Northern Cyprus (TRNC) signed a financial cooperation agreement on March 4. 

The signing ceremony for the Turkey-TRNC 2021 Economic and Monetary Cooperation Agreement was held after Turkish Vice President Fuat Oktay received TRNC Prime Minister Ersan Saner and his commission.

Oktay said the agreement is a significant outcome of the close contact maintained with the TRNC.

"Our main goal in this agreement is investments. Our aim is to contribute to the formation of a self-sufficient TRNC economy by strengthening the areas with a high multiplier effect in the TRNC. With this agreement, we allocate 2.5 billion liras ($336.83 million) of new resources to the TRNC this year. We anticipate total support of 3.25 billion liras ($437.88 million) with the amount transferred from last year," he said during a joint press conference following the meeting.

Underlining that solidarity, sincerity and brotherhood comprise the basis of the agreement, Oktay said: "In many fields, we will provide support which is sustainable and which transforms the aspects that hamper and hinder the society in the TRNC, and we have already determined these fields. The 2021 Turkey-TRNC Economic and Monetary Cooperation Agreement, with its investment-oriented structure, consists of actions that will strengthen the current infrastructure in especially transportation, communication, trade, industry and youth and sports as well as the field of local administrations. In the coming days, our Trade Minister Ruhsar Pekcan will pay a working visit to the TRNC to clarify the factors that we can turn into opportunities."

The agreement covers investments in infrastructure in the field of health, main road projects and the establishment of a new...

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