EBRD ‘remains committed’ to Turkey despite reports

EBRD ‘remains committed’ to Turkey despite reports

LONDON – Anadolu Agency
EBRD ‘remains committed’ to Turkey despite reports

The European Bank for Reconstruction and Development (EBRD) has said it remains committed to Turkey and continues to engage with the country.

Turkey plays an extremely important role in the EBRD’s operations,” the bank told state-run Anadolu Agency late on Oct. 25.

The bank underlined that Turkey was its largest country of operation by annual investment volume and portfolio size.

“To date we have invested over 9.5 billion euros [around $11.2 billion],” it said, adding that 30 projects worth almost €1 billion [some $1.2 billion] had been signed so far this year.

“We expect to exceed €1.5 billion [around $1.8 billion] in investment in 2017,” it said.

The bank’s comments came after Bloomberg reported that Germany is actively working to cut funding to Turkey from the country’s state-owned KfW bank, the European Investment Bank and the EBRD.

The EBRD is a leading investor in Turkey, which was the biggest recipient of EBRD funds in 2016, and the bank has offices in Istanbul, Ankara and Gaziantep.

The EBRD has invested in 240 projects in Turkey so far, 97 percent in private sector, including infrastructure, sustainable energy, agribusiness, industry and finance, according to its website.

EBRD, Turkey, Economy