New EBRD managing director for Turkey takes up post

New EBRD managing director for Turkey takes up post

New EBRD managing director for Turkey takes up post

Arvid Tuerkner, the new European Bank for Reconstruction and Development (EBRD) managing director for Turkey, took up his post in Istanbul on Nov. 1, the bank said in a statement.

Tuerkner previously held the position of EBRD director for corporate debt and before that headed the bank’s activities in Russia, according to the statement.

In Turkey, he succeeds Jean-Patrick Marquet, who returns to London as EBRD managing director for infrastructure.

For his new post in Istanbul, Tuerkner will lead the EBRD operations in Turkey focusing on investments and policies that promote sustainable energy, improve the quality of infrastructure, help Turkish businesses become more competitive, deepen capital and local currency markets and provide greater opportunities to youth, women, refugees and companies in remote regions to support the country’s long-term growth potential, according to the statement.

“Turkey plays an extremely important role in the EBRD’s operations and currently is the top destination for EBRD finance. I am committed to building on the excellent track record of the Bank in the country. Together with the EBRD’s 90-strong team in Istanbul and Ankara we will work very hard to continue delivering strong results despite a challenging environment,” Tuerkner said.

To date, the bank has invested over 9.5 billion euros in various sectors of Turkey’s economy, with almost all investments in the private sector.

In 2017, the bank signed 30 projects worth almost 1 billion euros and expects to exceed 1.5 billion euros in investments this year, according to the statement.