Babacan attends Arab-Turkish banking and financial forum
Deputy Prime Minister Ali Babacan made a speech on the sidelines of the Arab-Turkish Banking and Financial Forum on Wednesday, saying that well-prepared economic programs are needed in the countries in northern Africa and the Middle East. Babacan also noted that Turkey had given aid packages to the countries affected by the Arab Spring, where he said economic cooperation should be boosted. Reiterating that they have already announced their strategies aimed at turning Istanbul into a world financial center, Babacan said, "The objectives which have been announced attract great attention. The IFC, private sector branch of the World Bank, has opened its first office outside New York in Istanbul. The Islamic Banking Center of the World Bank will also operate in Istanbul." Speaking at the forum, Chairman of Union of Arab Banks Adnan Ahmed Yousif said that the amount of investments from Arab countries into Turkey has climbed to $7 billion since 2005 and that the Turkish-Arab cooperation would become a good medicine for possible solutions in the future.