Ankara is determined to take necessary steps to build sustainable economy in Turkish Republic of Northern Cyprus, says Turkish Vice President Fuat Oktay.

Turkey's Vice President Fuat Oktay says the financial assistance was being extended in the form of grants and loans.
Turkey's Vice President Fuat Oktay says the financial assistance was being extended in the form of grants and loans. (AA)

Ankara is providing about $325 million to the Turkish Republic of Northern Cyprus (or TRNC) to help it bear the fallout of the coronavirus pandemic, Turkey's Vice President Fuat Oktay said on Tuesday.

"While preparing for the new normal, Turkey will continue to support the TRNC," Oktay said during the signing ceremony of the 2020 Economic and Financial Cooperation Agreement between Turkey and TRNC, held via video link.

Reiterating Ankara's continuous support, he said Turkey is determined to take all necessary steps with the TRNC without losing any time to help it build a sustainable economy for the welfare of the Turkish Cypriot people.

Solidifying Turkey-TRNC brotherhood

Sharing details of the agreement, Oktay said the financial assistance was being extended in the form of grants and loans.

He said the agreement will help cushion the impact of the coronavirus pandemic on the TRNC's economy and help further solidify the Turkey-TRNC brotherhood.

Turkey has helped at least 82 countries with humanitarian aid during the outbreak, including US, Italy, Spain, and the UK, making it the world's third-largest provider of aid during the pandemic.

After originating in China last December, Covid-19 has spread to at least 200 countries and regions. Europe and the Americas are currently the worst-hit areas.

The pandemic has killed nearly 348,000 people worldwide with over 5.6 million confirmed cases, while recoveries have surpassed 2.3 million.

Source: AA