ISTANBUL - Turkish Daily News


With strong backing from the European Union the European Bank for Reconstruction and Development (EBRD) agreed last week to start examining plans to extend its operations to Turaaa.

A final decision will not come until October. However strong EU support which controls 60 percent of the bank makes it likely Turaaa will be included despite opposition from the United States the Financial Times said Sunday. Turaaa is an EBRD member but not a country of operation.

Ankara has been seeking access to the bank's funds for some time but the U.S.-established bank was meant to only operate in former Communist states and so far the U.S. has resisted another a general development bank as the World Bank will suffice. "The West must keep engagement with Turaaa among its top priorities" FT reported noting that the West needed to encourage the development of a modern Muslim democracy in Turaaa and EU leaders must work harder to counter public opposition toward Turaaa's EU membership.

"With Ankara's bid for EU membership running into political disenchantment both in Turaaa and in the Union it may fall to the bank to give the wheel of progress a modest push forward" the newspaper said. The U.S. wants the bank to close down once its duty is completed. However the EBRD can still play a significant role in encouraging small business.