The money will be used to boost the North Cyprus economy and improve infrastructure.
The decree endorsed an “additional protocol” drawn up on January 25 based on an amendment to the Turkey-TRNC Economic and Financial Cooperation Agreement signed between the two countries’ governments in July last year, according to a statement issued by the TRNC Prime Ministry.
The additional protocol, signed by Turkish Deputy Treasury and Finance Minister Bülent Aksu and TRNC Prime Ministry undersecretary Ömer Köseoğlu, came into force last Saturday.
Under the deal, unspent funds that had been earmarked by Turkey for projects in the TRNC in 2019 have been carried over to 2020.
The protocol will remain in force until a new one is finalised this year.
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