Turkey proposes creating a Development Bank of Turkic States

Turkey has drawn up a project to create a Development Bank of Turkic States.

As Report informs, this was stated by Kürşad Zorlu, deputy chairman of Turkey's ruling Justice and Development Party (AK Parti), at the II International Conference of Leading National Think Tanks of the Organization of Turkic States (OTS) in Baku.

According to him, the creation of the Turkic Investment Fund is of great importance, however, in order to strengthen positions on the global financial market, it is necessary to create a joint Development Bank. Zorlu noted that, on the instructions of the president of Turkey, a corresponding project was prepared together with the Finance Office of the Presidential Administration.

"The creation of the Turkic Investment Fund is of great importance, however, in my opinion, in order to have weight on the global financial market, it is necessary to create a joint Development Bank. On the instructions of our president, we, together with the Finance Office of the Presidential Administration, have also prepared a corresponding project. We will present it to the other Turkic states, as well as to the General Secretariat of our organization.

We must not only use the opportunities available to us, but also engage the potential of the global financial market in order to provide our entrepreneurs with loans and support them in other forms, especially for the development of the Middle Corridor," he noted.

In addition, he stated that Turkey seeks to open a new route from the Middle Corridor to the Persian Gulf.

"Our vision as Turkey is not only to use the Caspian Sea as a transit route. We have signed a preliminary protocol of agreement with Iraq on the 'Development Road' project. This route will pass through Turkey in the direction of the Persian Gulf," Zorlu noted.