A protocol, including economical and financial projects, was signed between Turkey and Turkish Republic of Northern Cyprus (TRNC), while Greek Cypriot Side was preparing economic and social expansions package for Turkish Cypriots. The economical and financial cooperation protocol will be continued to 2005 and 405 million dollars financial support will be provided for TRNC.
New arrangements include:
Developments of Free Zones
Gazi Magosa Free Zone is aimed to be more active and the whole Cyprus is targeted to be free state in order to improve the investment atmosphere in TRNC.
The Debts To Be Reconstructed
The debts of the organizations to the improvement bank will be reconstructed. The premium of the new employees will be paid by the state.
Convenient Loan and Support To The Tourism
The loan as much as 20 billion TL will be given to the entrepreneurs, who want to set up work, in convenient conditions. The government will pay airport and port expenses; and plane tickets will be decreased. Universities are achieved to be attractive.
Off- Shore To Be Spread
The banking law will be removed and off-shore banking will be provided to be widened.
(4/23/2003)