 Hamza Saner says the newly established Northern Cyprus Airlines constitutes a partnership between the state and private sector. The airline will start carrying passengers and cargo in March. AA photo |
A foundation agreement for Northern Cyprus Airlines, based in Turkish Cyprus, was signed Tuesday in Nicosia by the territory’s government, representatives of its private sector and Turkey's national air carrier, Turkish Airlines, or THY.
According to the deal, 60 percent of the shares of the newly founded airline company will be held by northern Cypriot businesspeople, 30 percent by the northern Cypriot state and 10 percent by THY.
Founded with capital of 20 million Turkish Liras, Northern Cyprus Airlines is the first company to be established through public-private sector cooperation in the northern third of the island.
The company, which was established to replace Turkish Cypriot Airlines after it declared bankruptcy last year, will carry out passenger and cargo transportation starting in March.
Attending the signing ceremony of the partnership agreement on Tuesday, Turkish Cyprus Prime Minister İrsen Kücük said it was a good start for the Turkish Cypriot state and the private sector.
"We would like to see our businesspeople participate in future projects as well," Küçük said, adding that all projects and investments could be fulfilled successfully through unity.
Turkish Cyprus Public Works and Transportation Minister Hamza Saner said the newly established airline was a "first" in northern Cyprus because it constituted a partnership between the state and the private sector.
The minister said he hoped such cooperation would set an example for future consortiums established by northern Cypriots and foreign investors.
Speaking at the gathering, THY Chairman Hamdi Topçu said his company aimed to connect Turkish Cypriots to the world and would use its knowledge and experience for Cyprus’ new air carrier.
Noting that the new company did not aim to make a profit, Topçu said THY's goal was to make Northern Cyprus Airlines a point of pride for the territory.
According to the deal, 60 percent of the shares of the newly founded airline company will be held by northern Cypriot businesspeople, 30 percent by the northern Cypriot state and 10 percent by THY.
Founded with capital of 20 million Turkish Liras, Northern Cyprus Airlines is the first company to be established through public-private sector cooperation in the northern third of the island.
The company, which was established to replace Turkish Cypriot Airlines after it declared bankruptcy last year, will carry out passenger and cargo transportation starting in March.
Attending the signing ceremony of the partnership agreement on Tuesday, Turkish Cyprus Prime Minister İrsen Kücük said it was a good start for the Turkish Cypriot state and the private sector.
"We would like to see our businesspeople participate in future projects as well," Küçük said, adding that all projects and investments could be fulfilled successfully through unity.
Turkish Cyprus Public Works and Transportation Minister Hamza Saner said the newly established airline was a "first" in northern Cyprus because it constituted a partnership between the state and the private sector.
The minister said he hoped such cooperation would set an example for future consortiums established by northern Cypriots and foreign investors.
Speaking at the gathering, THY Chairman Hamdi Topçu said his company aimed to connect Turkish Cypriots to the world and would use its knowledge and experience for Cyprus’ new air carrier.
Noting that the new company did not aim to make a profit, Topçu said THY's goal was to make Northern Cyprus Airlines a point of pride for the territory.
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