Turkey to give $500 million loan to Northern Cyprus

ANKARA – Anadolu Agency

The Turkish Cabinet has approved a $500 million credit agreement signed with the Turkish Republic of Northern Cyprus.

According to the decision, which was announced on Feb. 27, the credit will be used for various projects, including the restructuring of Turkish Cyprus’ financial sector, which was hit by a huge crisis last year.

As part of the loan agreement, a technical committee from Turkey will each month evaluate the areas where the credit can best be used and determine the obligations of Turkish Cyprus.