INCENTIVES TO BE GIVEN TO IFC TENANTS GOES TO PARLIAMENT

The legislative proposal on the Istanbul Finance Center (IFC), a planned business district for banks, public institutions and multinationals, will be sent to the Parliament this week, according to Goksel Asan, head of Presidential Finance Office. The bill will include incentives for potential tenants and principles covering the administration of the IFC. The goal is to raise the value of the project such that IFM AS, established in 2019 to manage the finance center through a partnership between the Turkey Wealth Fund (TWF) and IFC, can partially break into the stock market. Units in the center will not be for sale but properties will be rented by AS. Around 50% of the IFC’s construction has been completed with the projected completion date set for Q1 2022. FinTech and participation finance institutions are among the development themes of IFC.