The Turkish Council of Ministers has approved a US$500 million credit agreement signed with the Turkish Republic of Northern Cyprus (TRNC). The Council’s decision was published on Thursday.

According to the decision, credit will be used for projects, restructuring of financial sector and other issues in the TRNC. 

Within the loan agreement, a technical committee from Turkey will evaluate areas of utilization of the credit and determinate obligations of TRNC, each month.

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