Turkey has initiated the establishment of the Development Bank of Turkic States
Turkey has prepared a proposal to establish a joint Development Bank of the Turkic States. It is proposed that the bank’s initial equity capital be set at a minimum of $1 billion.
“This isn’t just about Turkey. Our goal is to establish a joint bank together with other Turkic states. We are currently working on the relevant proposal. Once the preparations are complete, we will hold discussions with other countries,” said Zorlu.
According to him, the preliminary draft prepared by Turkey calls for the bank’s initial capital to be at least $1 billion.
The lawmaker noted that various options for distributing capital among the participants could be considered—taking into account population size, national income, and other criteria. In addition to states, international financial institutions and the Turkic Investment Fund could potentially become participants in the bank.
The Turkish side has already translated the relevant document into the languages of other Turkic states and plans to submit it to the General Secretariat of the Organization of Turkic States.
This was stated by Kürşad Zorlu, deputy chairman of Turkey’s ruling Justice and Development Party and a member of parliament, citing the Azerbaijani news agency APA.
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