Istanbul Finance Center's first foundation set to be laid on Saturday
by Daily Sabah
ISTANBULOct 15, 2016 - 12:00 am GMT+3
by Daily Sabah
Oct 15, 2016 12:00 am
The foundations of the Capital Market Board (CMB) and Banking Regulation and Supervision Agency (BDDK) buildings constructed by TOKİ in Ataşehir as part of the Istanbul International Finance Center (IIFC) will be laid on Saturday with an opening ceremony attended by Prime Minister Binali Yıldırım.
According to İbrahim Çağlar, president of the Istanbul Chamber of Commerce (ICOC), the said center will be one of the main roads of the fund flows.
Stressing that in addition to the financial mobility provided by giant banks such as Ziraat Bank, Halkbank and Vakıfbank, the existence of other authorities including BDDK, SPK and Savings and Deposit Insurance Fund (TMSF) will make a great contribution to Istanbul's vision to become a finance center, Çağlar said Istanbul will be one of the centers where the financial policies and strategies of both public and private sectors are determined and implemented.
Çağlar pointed out that when completed the IIFC will increase fund flow to Turkey, provide substantial employment opportunities and create leverage in the economy by feeding the sub-sectors such as law and insurance.
The IIFC should be subject to positive discrimination for the center to come to the fore among the finance centers in the rival cities, Çağlar said, suggesting that a private incentive mechanism should be established as legal infrastructure in addition to physical infrastructure; the number of financial products should be increased; and specialized courts should be established.