ECONOMY

Turkey, UN to sign International Technology Bank deal

TURKEY, UN TO SIGN INTERNATIONAL TECHNOLOGY BANK DEAL

Turkey's science minister on Friday said a deal between Ankara and the UN on setting up an international technology bank was expected to be signed later in August.

Faruk Ozlu said a UN committee had visited Turkey to view preparations for the bank's premises in Kocaeli province, near Istanbul.

"A host-country agreement between Turkey and UN will be prepared and signed. After the signature, the International Technology Bank will go into action this year," Ozlu told Anadolu Agency on Friday.

The bank will be established in the Gebze district to develop science, technology and innovation.

"Finance for the International Technology Bank is provided on a voluntary basis," Ozlu said.

"As a donor country, Turkey will give $2 million per year for the first five years. After the bank is established, many UN member countries are expected to support the bank.

"In addition world-famous technology companies are predicted to support the bank," Ozlu added.

The bank will support and provide training for related countries to develop and apply their science and technology policies and make them install governance mechanisms.

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