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Nicosia Council to get 90 million TL loan

28 November 2012

Cash-strapped Nicosia municipality is to receive a bank loan of 90 million TL from the Turkish state-owned Ziraat Bank. This is in order to settle the year-long payment disputes with the Nicosia municipal workers.

The dispute developed amid rising debts and strikes by city workers that have largely halted public services and led to complaints that parts of Nicosia have been turned into a “trash city“.

The agreement was reached over the weekend in Ankara, after a meeting between Huseyin Aydin, the General Manager of Ziraat Bank and the Finance Minister for North Cyprus, Ersin Tatar.

Tatar said the loan, originally set at 50 million TL, was increased to 90 million TL in order to cover the city’s outstanding debts and leave some surplus. He added that the new figure was Nicosia’s “last chance” to resume municipal services and pay salaries in arrears to the workers.

The loan account will be closely scrutinised by Ziraat Bank.

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