A project to establish a joint Development Bank for Turkic states has already been drafted, Kursad Zorlu, deputy chairman of Türkiye's ruling Justice and Development Party (AK Party) and head of its Relations with Turkic States, said at the Second International Conference of Leading National Analytical Centers of the Organization of Turkic States in Baku.
According to Report, Zorlu said the existing Turkic Investment Fund is highly important, but argued that a joint Development Bank should also be established to 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 added that the project will be submitted to other Turkic states and the Secretariat of the Organization of Turkic States.
Zorlu said the proposed institution could use existing resources as well as opportunities in global financial markets to provide loans and other forms of support to businesses, particularly for the development of the Middle Corridor.
He also said Türkiye aims to establish a new route from the Middle Corridor toward 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.
He added that Türkiye also plans to implement the Hejaz Railway Project through Syria, saying this would create additional opportunities through both the Middle and Southern corridors.
Zorlu further said a major defense agreement signed by Türkiye with Saudi Arabia and Pakistan has been presented as an international step aimed at contributing to the security of these Middle and Southern corridors.