Turkey proposes to create joint commodity exchange for IDB members

Business Materials 16 December 2011 13:43 (UTC +04:00)

Azerbaijan, Baku, Dec. 16 / Trend A. Tagiyeva, S.Isayev/

The Islamic Development Bank (IDB) member-countries must create a joint commodity exchange for food security, Turkey's Agriculture Minister Mehmet Eker said, Yenisafak newspaper reported.

"The IDB member-countries must stick to common agricultural policy," Eker added. "We are ready to share our experience in this area."

According to Eker, there is necessary infrastructure, capacity and experience to create a joint commodity exchange, but still there is a need for specific projects.

Eker noted that Turkey's income from the agricultural sector increased from $23 bln in 2002 to $62 bln in 2011 due to correct strategy in agricultural sphere.

The Islamic Development Bank is one of the few multilateral development financial institutions rated by the three international rating agencies - Standard & Poor's, Fitch and Moody's with the highest possible rating (AAA).

The IDB is an international financial institution established in 1975 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in Non-Member Countries.