An economic cooperation agreement between Turkey and the Turkish Cyprus worth TL 3.5 billion ($1.2 billion) was published in the Official Gazette Wednesday. The agreement between the two republics was signed in Ankara on May 27, which became valid following ratification by Cabinet members on June 13.
The new agreement proposes 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 for a three-year period.
Aside from financial help, Turkey will also provide technical support to Turkish Cypriots in all fields, and Turkish public officials will also be stationed temporarily in Turkish Cyprus as long as requested. Also, a memorandum of understanding to establish a joint customs committee between the Turkish Trade Ministry and the Turkish Cypriot Finance Ministry was also ratified, the Official Gazette said. According to the memorandum of understanding, a joint committee will identify key areas of cooperation and also oversee collaboration in customs areas between the two countries.