Turkey mulls development bank for Middle East

27 Jul 2010

(MENAFN) The Chairman of the Banks Association of Turkey said that Ankara is currently studying the establishment of the first Turkish-Arab bank to serve development in the Middle East, Kuna reported.

Esrin Ozince told Al-Ahram paper that the main aim of the bank will be achieving development, supporting investment projects, easing trade transactions, and serving exports and small projects.

He said he expects that Turkey and Egypt will have a major role in the bank, noting that the idea of establishing the bank was being studies by officials in Turkey.

Ozince said that the Turkish economy is rated in the 26th place internationally.
The Turkish economy can not be strengthened through coordination with Europe only, but also other regions like Asia, Africa, and the Arab world, he pointed out.

Turkish banks witnessed an increase in European capital during the world economic crisis, he said.

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