United Nations (UN) will establish the International Technical Bank, head office of which will be located in Turkey.

Axar.az reports citing Turkish media.

The bank will be located in Istanbul.

Turkey intends to allocate $2 million for its establishment.

According to the reports, an agreement on the establishment of the bank between UN and Turkey is planned to be signed by late August.

International Technical Bank will support the development of technologies in underdeveloped countries.

After the establishment of the bank, other countries can also support this financial institution.

Other details of the agreement have not been reported.