Türkiye drafts joint Development Bank project for Turkic states

Türkiye has drafted a project to establish a joint Development Bank for Turkic states, Kursad Zorlu, deputy chairman of Türkiye’s ruling Justice and Development Party (AK Party) and head of its Relations with Turkic States, said in Baku.

Speaking at the Second International Conference of Leading National Analytical Centres of the Organisation of Turkic States, Zorlu said the existing Turkic Investment Fund was highly important but argued that a joint Development Bank would further strengthen the Turkic states’ position in international financial markets.

“Based on an instruction from our President, we have prepared the relevant project together with the Finance Office of the Presidential Administration,” Zorlu said.

He said the project would be submitted to other Turkic states as well as the Secretariat of the Organization of Turkic States.

According to Zorlu, the proposed bank could draw on existing resources and opportunities in global financial markets to provide loans and other forms of financial support to businesses, particularly projects aimed at developing the Middle Corridor.

He also said Türkiye was seeking to establish a new route linking the Middle Corridor with the Persian Gulf.

“Türkiye's approach is not limited to benefiting from transit through the Caspian Sea. We have already signed the initial protocol of the Development Road Agreement with Iraq. This route will extend toward the Persian Gulf through Turkey,” Zorlu said.

Türkiye also plans to implement the Hejaz Railway Project through Syria, Zorlu said, adding that the initiative would create additional opportunities along both the Middle and Southern corridors.

He further said a major defence agreement signed by Türkiye with Saudi Arabia and Pakistan had been presented as an international step aimed at contributing to the security of the Middle and Southern corridors.

The proposed Development Bank would add a new financial mechanism to existing efforts to expand economic connectivity and infrastructure cooperation among Turkic states, while the planned transport routes would broaden links between the Middle Corridor and markets in the Middle East.

By Tamilla Hasanova