Azerbaijan, Baku, Feb. 6 / Trend A.Tagiyeva /
The Turkish Cabinet of Ministers has ratified a loan agreement to provide a three billion lira loan to the Turkish Republic of Northern Cyprus, Turkish Resmi Gazete (Official Newspaper) reported on Wednesday.
The decision on a loan was taken within the framework of the signed protocol on economic and financial cooperation.
The issued credit will support the real economy, implementation of infrastructure projects and creation of conditions for attracting foreign investment. The loan will be issued in stages in 2013, 2014 and 2015.
In addition, the Turkish government will grant 300 million liras to the Turkish Republic of Northern Cyprus as an additional loan.
Thanks to loans given by Turkey in 2013-2015, per capita income in the Turkish Republic of Northern Cyprus will increase to $17.300
The official exchange rate is 1, 7509 TRY / USD on Feb.6.