Development Bank of Turkey to be restructured

Development fund to be established under bank, says AK Party deputy chair Mehmet Mus

Development Bank of Turkey to be restructured

Turkey will restructure the country’s development bank, the ruling party’s deputy group chair said on Friday.

Justice and Development (AK) Party submitted on Friday a new bill on the restructuring of the Development Bank of Turkey to the parliament.

“Development Fund of Turkey will be established under the Development Bank of Turkey," Mehmet Mus, the party’s deputy group chair, told reporters.

Mus said that Turkey's strategic and development plans will be financed with the development fund.

"[The fund] will make a contribution to Turkey's economic growth and manufacturing industry," he added.

Mus said that the bank would also play an important role in financing the strategic sectors.

The bill will be debated in the parliament after it is re-opened on Oct. 1 for the new legislative session.