Turkey giving $325 mln to help virus-hit Turkish Cyprus economy
Ankara is providing over 2.2 billion Turkish liras (about $325 million) to the Turkish Republic of Northern Cyprus (TRNC) to help it bear the fallout of the coronavirus pandemic, Turkey's vice president said on May 26.
“While preparing for the new normal, Turkey will continue to support the TRNC,” Vice President Fuat Oktay said during the signing ceremony of the 2020 Economic and Financial Cooperation Agreement between Turkey and TRNC held via video link.
Reiterating Ankara's continuous support, he said Turkey is determined to take all necessary steps with the TRNC without losing any time to help it build a sustainable economy for the welfare of the Turkish Cypriot people.
Sharing details of the agreement, Oktay said the financial assistance was being extended in the form of grants and loans.
He said the agreement will help cushion the impact of the coronavirus pandemic on the TRNC's economy and help further solidify the Turkey-TRNC brotherhood.