Baku: An initial capital of $1 billion is envisaged for the Development Bank to be established for the Turkic world, Deputy Chairman of Trkiye's Justice and Development Party (AK Party) and Ankara MP, Krsad Zorlu, told APA-Economics. He noted that work is underway to establish a joint Development Bank for the Turkic world.

According to Azeri-Press News Agency, Zorlu stated that this initiative is not limited to Trkiye alone. The goal is to establish a joint bank in collaboration with other Turkic states. He mentioned that preparations are currently being made for this project, and once these are completed, discussions will take place with other countries. The final decision will be made at the leadership level of the Turkic states.

Zorlu emphasized the existence of 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. He believes that by establishing a Development Bank in the Turkic world, there is potential to implement large-scale projects.

Trkiye's preliminary draft suggests at least $1 billion in equity capital as the initial capital for the bank. Zorlu mentioned that various options could be discussed regarding capital distribution, which could be based on factors such as population and national income. Moreover, not only states but also established international financial institutions and the Turkic Investment Fund could become partners in this bank.

Zorlu also highlighted that the establishment of such a bank could lay a significant foundation for a common and integrated payment system among the Turkic states. He noted that if this bank is established, it would provide an opportunity to conduct trade in national currencies through a stronger platform and promote the wider use of these currencies in the region.