Economics & Finance

Turkey approved $500 million credit to TRNC

Daily Sabah

A $500 million (TL 4.32 billion) line of credit to the Turkish Republic of Northern Cyprus (TRNC) was approved by Turkey according to a decree published in the Official Gazette Wednesday.

The funds will be used in the restructuring of the public and financial sectors in the TRNC, as well as other fields included within the scope of the deal.

The TRNC will make interest payments for the provided credit per the six-month U.S. dollar LIBOR (London Interbank Offered Rate) published on Reuters’ LIBOR page.

The interest payments will begin six months after the signing of the credit and payments will be made every six-month basis.

The capital payment, meanwhile, will begin 36 months after the signing of the credit and will be paid back every six months in 14 installments.

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