The İstanbul Financial Center Initiative (IFC-I) aims to make Istanbul the heart of progress for infrastructure and energy projects while strengthening the competitive powers of domestic companies and financial institutions in the international area.
A landmark project that aims to make Istanbul a global center for finance, Istanbul Finance Center is projected to open in the beginning of 2022 and has already drawn interest from the Middle East
The IFC project will be creating a center designed to be the heart of the world financial sector and serve 24/7 as a public hub. With the completion of the project, some 30,000 people are projected to be employed. Constructed on an area of 2.5 million square meters, the IFC will have 560,000 square meters of office space, 90,000 square meters of shopping space, 70,000 square meters of a hotel, 60,000 square meters of residential space and a culture and congress center with a capacity of 2,000.
"The main issue here is Istanbul being the financial center. We are working to make Istanbul a global financial center. As soon as we took office, we started our first initiative by explaining the IFC to the world. In order to tell the world what kind of a financial center the IFC will be, we visited a company in London, which is an expert in this business and makes world ranking of financial centers. We made a preliminary agreement with them. The firm will make reports for us and advise us on issues on managing external perception,"
"We need to attract foreign investments, firms, and financial institutions as much as possible,"
With Istanbul Financial Center Project , it is intended to build the infrastructure required for financial product and services,carrying a high development potential.
LEADING FINANCIAL CENTER OF THE REGION EMERGES IN ISTANBUL
Turkey has for a long time cultivated business, trade and financial relationships with the rest of the world on the basis of its secular principles. It would profit from continuing in this tradition.
Deloitte’s several hundred pages report concluded that «Yes… Turkey
is a country with the resources, domestic and regional potential, latent
skills-base, location and national pride to develop a world-class value
generative financial center. However … It will take strong leadership
and political mobilisation to make difficult decisions, commitment of
significant resources and a patient attitude to return on investment»
Global players need to be attracted to Istanbul for the long term target of spreading to Europe, the USA, Fareast & South Asia regions. Unfortunately, Credit Rating Agencies have graded our country just below investable levels. There needs to be Annual transaction volume of Stock Exchange Istanbul:7 trillion TL (Stock Exchange Istanbul – 2017) effort to eliminate the double Standard we have encountered to go back again to investable level, which in return will be reassuring for regional and global finance institutions