European bank invested 1.6 billion euros in record 51 projects in Turkey in 2017

European bank invested 1.6 billion euros in record 51 projects in Turkey in 2017

ISTANBUL
European bank invested 1.6 billion euros in record 51 projects in Turkey in 2017

The European Bank for Reconstruction and Development (EBRD) has said it delivered strong support for Turkey in 2017, backing crucial sector-based policies to modernize the country’s economy and build its resilience.

In 2017 the bank invested 1.6 billion euros in Turkey in a record number of 51 projects, read a statement from the EBRD published on Jan. 18, vowing to continue its strong investments in 2018.

“Turkey is a country with an extremely strong basis and culture of entrepreneurship and a thriving private sector. We are here to strengthen these foundations of the country’s economy and we will continue to put an emphasis on green investments, innovation, capital markets and training and employment to women, youth and those in remote areas,” said EBRD President Suma Chakrabarti during a visit to Turkey to announce the statement.

Since the bank started operations in Turkey in 2009, it has invested 10 billion euros across various sectors of the country’s economy.

“Turkey is now the EBRD’s largest country of operations by annual investment volume and by our portfolio of investments of over 7 billion euros. Nearly all investments (97 percent) support private companies,” the bank stated.

The EBRD has offices in Istanbul and Ankara and invests across the whole of Turkey, either directly or in partnership with Turkish banks.

The statement stressed that a strong level of investment is set to continue in 2018 under the leadership of the new EBRD Managing Director for Turkey, Arvid Tuerkner.

“As of this year, Turkey will not only be a shareholder and destination of EBRD finance but also a donor to EBRD-led projects, with the creation of the EBRD-Turkey donor fund. This means that the Turkish government will co-finance socially important projects which will be executed according to EBRD standards and requirements,” it read.

EBRD, Turkish Lira, Investment