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Türkiye's Istanbul Finance Center: A State-of-the-Art Hub for Financial Institutions
(MENAFN) The first phase of Türkiye's ambitious project, the Istanbul Finance Center (IFC), has been officially inaugurated. The IFC is set to become a landmark hub for financial institutions and will house public lenders Ziraat Bank, Halkbank, and VakifBank in its banking section. Speaking at the inauguration ceremony, Treasury and Finance Minister Nurettin Nebati revealed that the IFC is expected to boost Türkiye's financial services exports three-fold by 2036, and its contributions to the country's gross domestic product (GDP) may reach USD130 billion within 15 years.
The IFC is anticipated to generate 102,000 new jobs over the 15-year period, and a wide range of institutions, from banks to insurance companies, will unite in a single location under the IFC. The project, run by the Türkiye Wealth Fund and developed in coordination with the Environment, Urban Planning and Climate Change Ministry, started in 2009.
The IFC will be home to Türkiye's most prominent financial institutions, including the Central Bank, Borsa Istanbul Stock Exchange, Banking Regulation and Supervision Agency, and the Capital Markets Board of Türkiye. The center boasts state-of-the-art facilities, including 1.4 million square meters (15 million feet) of office space, a 100,000-square-meter (nearly 1.1 million-square-foot) shopping center, a conference and performance center for 2,100 people, a five-star hotel spanning 30,000 square meters (nearly 323,000 square feet), and a parking lot with a capacity of 26,000 vehicles.
The IFC's campus is designed to accommodate nearly 100,000 employees and visitors daily, and it features a 1.2-kilometer (0.75-mile) social paraphernalia area along its middle axis. The project also includes walking paths, parks, and recreational areas to raise the quality of both work and life for those who will be working and visiting the center.
Financial institutions at the IFC will enjoy certain tax advantages, including having 75 percent of their income deducted from the corporate tax base. They will also have fee and stamp exemptions. The IFC is a significant investment for Türkiye and is set to transform the country's financial landscape, bringing together leading financial institutions, generating new jobs, and contributing significantly to the country's GDP.
The IFC is anticipated to generate 102,000 new jobs over the 15-year period, and a wide range of institutions, from banks to insurance companies, will unite in a single location under the IFC. The project, run by the Türkiye Wealth Fund and developed in coordination with the Environment, Urban Planning and Climate Change Ministry, started in 2009.
The IFC will be home to Türkiye's most prominent financial institutions, including the Central Bank, Borsa Istanbul Stock Exchange, Banking Regulation and Supervision Agency, and the Capital Markets Board of Türkiye. The center boasts state-of-the-art facilities, including 1.4 million square meters (15 million feet) of office space, a 100,000-square-meter (nearly 1.1 million-square-foot) shopping center, a conference and performance center for 2,100 people, a five-star hotel spanning 30,000 square meters (nearly 323,000 square feet), and a parking lot with a capacity of 26,000 vehicles.
The IFC's campus is designed to accommodate nearly 100,000 employees and visitors daily, and it features a 1.2-kilometer (0.75-mile) social paraphernalia area along its middle axis. The project also includes walking paths, parks, and recreational areas to raise the quality of both work and life for those who will be working and visiting the center.
Financial institutions at the IFC will enjoy certain tax advantages, including having 75 percent of their income deducted from the corporate tax base. They will also have fee and stamp exemptions. The IFC is a significant investment for Türkiye and is set to transform the country's financial landscape, bringing together leading financial institutions, generating new jobs, and contributing significantly to the country's GDP.
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