Investment inventive to develop Karpaz

Article taken from 'Cyprus Today' on Saturday 1st August.

"The Turkish Government is planning a new drive to encourage a quicker rate of investment in the Bafra area of North Cyprus.
It is offering 300 million TL credits at lower than normal interest rates in a bid to speed up development of the east Karpaz region. Out of 13 planned tourism complexes envisaged as part of plans first unveiled in 2002, only one hotel, the Kaya Artemis, has been completed in a project which was due to be finished in 2007. The initiative comes just days after a seven million TL scheme to finish off hotel developments across the TRNC was unveiled in conjunction with the Development Bank. The new plan forecasts completion of the Bafra tourism area by 2011.
The planning of the $260 million Bafra project, including hotels and holiday village resorts was completed in 2002.
Investments in the area started in 2003, where seven hotels were initially to be constructed. Originally there were going to be four-star hotels with a total capacity of 6,500 beds. This was later increased to 15,000 beds. The deadline for the credits is the end of December this year."