9/28/2009

Asian Development Bank: Nabucco to make Turkey stronger

AA - The head of the Asian Development Bank (ADB) said that the Nabucco natural gas project will make Turkey even stronger. ADB's President Haruhiko Kuroda said the Nabucco natural gas project and other pipeline projects will increase Turkey’s importance in both Asia and Europe. Turkey has become a bridge between energy resources and consumers with the recent Nabucco project, Kuroda told an AA correspondent on the fringes of a global economic symposium in Plon, Germany. The 3,300-kilometer Nabucco pipeline will carry Caspian and Central Asian natural gas to Austria in Europe to reduce the EU’s dependence on Russian gas. Around 2,000 kilometers of the pipeline will run through Turkey. Kuroda said countries that aim to be strong in the future are those that will control the regions where energy resources and transportation routes are located. In addition, Kuroda said Turkey has strengthened its banking system with reforms it has fulfilled since 2002, and has witnessed the benefits of those reforms in the recent global financial crisis. Kuroda said Turkish banks have not been affected by the global crisis, and those reforms should be an example for all other developing countries. Although banks went bankrupt in developed countries, not a single bank went bankrupt in Turkey, he underlined.

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