World Bulletin / News Desk 

Turkey and the Turkish Republic of Northern Cyprus (TRNC) on Tuesday signed a cooperation protocol in economic and fiscal issues.

The protocol was inked by Turkish Deputy Prime Minister Besir Atalay and Turkish Cypriot Prime Minister Irsen Kucuk in a ceremony in the Turkish capital, Ankara.

Atalay said under the three-year protocol, Turkey would extend $3 billion to the TRNC in fiscal aid as well as an extra $300 million to help Turkish Cypriot government in public debt management.

"Turkish Cypriot people will live in peace and prosperity no matter how the settlement talks end," Atalay told reporters.

Atalay said Turkey attached great importance to the Turkish Cypriot government's efforts to strengthen its economy, adding that the country had made significant achievements in tourism and education recently.

Kucuk, on his part, said that his government's new economic program was aimed at encouraging private sector investments.