An initial capital of $1 billion is envisaged for the Development Bank to be established for the Turkic world, Deputy Chairman of Türkiye's Justice and Development Party (AK Party) and Ankara MP Kürşad Zorlu told APA-Economics.
He noted that work is underway to establish a joint Development Bank for the Turkic world.
"This is not just about Türkiye. Our goal is to establish a joint bank together with other Turkic states. We are currently working on a project in this regard. Once the preparations are completed, we will hold discussions with other countries," Zorlu said.
According to him, the decision will ultimately be made at the level of the leaders of the Turkic states.
Zorlu noted that global and regional financial institutions such as the World Bank, the International Monetary Fund, the European Bank for Reconstruction and Development, and the Islamic Development Bank already exist.
"By establishing a Development Bank in the Turkic world, we could also have the opportunity to implement large-scale projects," he said.
He noted that Türkiye's preliminary draft envisages at least $1 billion in equity capital as the bank's initial capital.
Zorlu stated that various options could be discussed regarding the distribution of capital.
"This can be determined based on population, national income, and other criteria. In addition, not only states but also established international financial institutions and the Turkic Investment Fund could become partners in this bank," he emphasized.
Kürşad Zorlu added that the establishment of such a bank could also create an important foundation for the formation of a common and integrated payment system among the Turkic states.
"If we can establish this bank together, we will have the opportunity to conduct trade in our national currencies through a stronger platform and ensure the wider use of our currencies in the region," he noted.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
