The Istanbul Finance Center (IFC), which was recently opened at the beginning of the week in the global metropolis, will turn the city into a financial center not only in the region, but also in Asia. The investment is worth 3.4 billion USD. The first stage is the opening of office buildings that will house representative offices of a number of banks.
IFC aims to make Istanbul a competitive destination for international financial institutions and investors and to support the growth of the Turkish economy.
“The fact that Istanbul is a financial center is an issue that affects not only our country, but the entire region,” said Murat Kurum, Minister of Environment, Urbanization and Climate Change, in a meeting at the IFC with media representatives. “In this case, the fact that it is close to the Middle East and able to serve Europe will greatly increase its value,” he stressed.
The IFC construction project started in 2009 in the Yumraniye district in the Asian part of Istanbul. The center is slated to be the new home for most of Turkey’s most prominent financial institutions and organizations. These include the Central Bank of the Republic of Turkey (CBRT), the Borsa Istanbul Stock Exchange (BIST), the Banking Regulation and Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board of Turkey (SPK).
Managed by Türkiye Wealth Fund and developed in coordination with the Ministry of Environment, Urban Planning and Climate Change. IFC will be home to well-known local and international banks, equity financing companies, financial investment and portfolio management and insurance companies.
The IFC will ease congestion in the area as it has parking for 26,500 vehicles. The center has 1.3 million square meters of office space, a shopping center of 100,000 square meters, a conference center with a capacity for 2,100 people, as well as a five-star hotel with an area of 30,000 square meters.
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