Traders in TRNC to be Granted a Loan of 150 Million Turkish Liras

The "12th Meeting of the Joint Committee Turkey - TRNC" took place in Northern Cyprus. The two countries signed the "Memorandum of Understanding of the Joint Committee," "Cooperation Protocol," and "Cooperation Protocol for the Inspection of Products Imported into the TRNC."

Following the meeting, where commercial and economic relations between the two countries were discussed, Turkish Minister of Trade Omer Bolat and TRNC Minister of Economy and Energy Olgun Amcaoğlu held a joint press conference.

Addressing the audience after the signing ceremony, Turkish Minister of Trade Omer Bolat announced that in 2024, the Central Union of Turkish Merchants and Craftsmen, Credit, and Pawn Cooperatives (TESKOMB) will provide Cypriot traders with credits totaling 150 million Turkish Liras.

The upper limit for a company's credit will be 650 thousand Turkish Liras with a repayment period of 5 years, a 25% interest rate, and a payment schedule every 6 months.

Omer Bolat emphasized that the 12th meeting of the Joint Committee Turkey - TRNC was very productive in terms of the development of commercial relations between the two countries and the sustainable development of the Turkish Republic of Northern Cyprus.

According to the head of the Turkish Ministry of Trade, Turkey's trade volume reached 2.5 billion dollars in 2023.

"Expanding the share of the TRNC in this trade is one of our main goals. In this context, we do not consider our current investments in the TRNC of 360 million dollars sufficient, and we continue our efforts to expand our investments," said the minister.

Olgun Amcaoğlu thanked Turkish Minister of Trade Omer Bolat and his team, expressing confidence that Turkish Cypriots will succeed under the leadership of the Turkish Republic.

"Thanks to the agreements reached today, the TRNC will once again open doors to the world for export and production," the minister stated.