Global financier plans to invest $1 bln across Turkey in 2017
ISTANBUL - Anadolu AgencyThe International Finance Corporation (IFC), a member of the World Bank Group, will invest around $1 billion in Turkey by the end of its fiscal year, the body said on April 4.
Aisha Williams, IFC country manager for Turkey, said the IFC had already invested $500 million so far.
The IFC’s fiscal year ends on June 30.
“We have some additional large investments coming very shortly with other financial institutions, banks and some large Turkish corporates that we are excited about. I expect roughly another $500 million by the end of our fiscal year in long-term finance,” she said.
She added that the IFC had been investing since 1964, witnessing ups and downs in Turkey’s economy.
Turkey is currently going through challenging times and the recent coup attempt had an impact on the country’s economic growth, she said.
“2017 looks slightly better. I think that the forecast that the World Bank produced - 2.7 percent [growth] for 2017 and around 3-3.5 percent for 2018 and 2019 - is positive but less than Turkey needs,” she added.
Williams described the IFC’s last fiscal year, which ended June 30, 2016, as a strong period in Turkey, saying the organization had invested around $1.5 billion in long-term finance.
She said $600 million of their total investments were in equity in companies such as construction firms Rönesans, Odea Bank, Fibabank and Akfen.
The size of the IFC’s portfolio in Turkey is around $5 billion, of which $4.1 billion comes from the corporations’ own account and the remaining $900 million from other financial institutions.
Williams said the IFC had provided $14.2 billion to 350 projects across Turkey’s private sector since 1964.
The IFC’s portfolio in Turkey is mostly made up of financial institutions with 45 percent, infrastructure with 30 percent plus manufacturing and service companies with 25 percent.
She also added that the IFC had investments in Turkish healthcare public and private partnership projects.
“We are here to support the Turkish private sector. We have been here for 50 years, we are not going anywhere and we strongly [give] support, particularly during difficult times for our clients,” she said.