The Economic and Financial Cooperation Agreement between the Turkish Republic of Northern Cyprus (TRNC) and the Republic of Türkiye has been published in the Official Gazette of the Republic of Türkiye.

According to the protocol, it is envisaged that a total of ₺9.5bn will be allocated as grants and credits from Türkiye to the TRNC for the year 2023.

The publication in the Official Gazette emphasized that this assistance will be provided to carry out reforms and actions, as well as to reduce the budget deficit.

According to the published decree, a total of ₺6.4bn will be provided in the form of grants, ₺3.9bn of which will be allocated to infrastructure investments and real sector projects, ₺200m for operational costs, and ₺2.3bn for defence spending.

Furthermore, the protocol also mentions a total of ₺3.1bn in credit assistance, with ₺1.6bn allocated to contribute to the current budget deficit in the public sector, ₺200m for the public sector, and ₺1.3bn for support of reforms.