PROVIDENCIALES, Turks and Caicos Islands (AP) — The European Union is investing $15 million to help make the government of the Turks and Caicos Islands more business friendly.

The agreement requires that the British territory reform the way it does business, including improving its licensing and work permit systems.

Acting Gov. Anya Williams said Thursday that the first payment will be delivered in March 2014.

The Turks and Caicos Islands is a popular tourist destination and financial haven near the Bahamas.