Turkey is spending TL3 billion on it’s economic program for North Cyprus which concludes at the end of 2015.
A further TL300 million in loans may be added in order to underpin and re-structure public banks in the North.
Grants will be given following scrutiny of monthly reports from North Cyprus under the watchful eye of a Turkish committee. If agreed, these will be signed off by Turkish Deputy Prime Minister, Besir Atalay. In order to keep the project on track, over the three year period, six monthly progress reviews will be held in order to assess the effects of the new economic program.
To help improve infrastructure in the North, Turkey will also be assigning technicians and public service staff for support.
Turkish Cyprus’ tourism revenues make up a little less than 5 percent of its economy. However, since 2010, the North Cyprus’ economy has shown moderate growth. The new economic program aims to shrink the current budget deficit in the North down to TL315 million.