EBRD ‘keen to work with Turkish sovereign wealth fund’

ISTANBUL- Anadolu Agency

The European Bank for Reconstruction and Development (EBRD) hopes to make the Turkey Wealth Fund (TVF) a major partner, just as Kazakhstan’s sovereign wealth fund became its largest client, the bank’s managing director for Turkey said on May 5.        

Speaking on the second day of Forum Istanbul, Jean-Patrick Marquet said the EBRD wants to cooperate with the TVF to develop financing infrastructure, energy projects and the capital market.        

The TVF’s mission is to develop Turkey’s strategic assets, increasing their value and providing funding for Turkey’s priority investments.        

“Turkey is a very large, dynamic, sophisticated economy. But one surprising weakness is the fact that capital markets are relatively shallow,” Marquet said.        

Noting that one of the EBRD’s major objectives was to increase the number of Turkish companies listing on Borsa Istanbul and on global stock markets, Marquet said the TVF could be the catalyst to effectively bringing forward deeper capital markets.