A new participation bank to be established by government

President Recep Tayyip Erdoğan announced yesterday at the re-opening ceremony for recently restored areas of Topkapı Palace that the Directorate General of Foundations, working under the Prime Ministry, will establish an investment bank by purchasing shares at Vakıfbank.

Erdoğan highlighted that the Directorate General of Foundations will reserve a certain amount of its profits for historical artifacts and restoration projects, in addition to providing loans, scholarships and open soup kitchens just like foundations in the past once did. "The Directorate General of Foundation's shares will be 60 percent of the bank, totaling approximately $10 billion, which is an extremely important amount of funds," Erdoğan said.