Baku, Azerbaijan, Jan. 18
By Nigar Guliyeva – Trend:
The European Bank for Reconstruction and Development (EBRD) has invested in a record 51 projects in Turkey last year.
President of the EBRD Suma Chakrabarti announced the Bank’s results during a visit to Turkey.
In 2017 the EBRD invested €1.6 billion and since the Bank started operations in Turkey in 2009, it has invested €10 billion across various sectors of the Turkish 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. Nearly all investments (97 per cent) support private companies. The EBRD has offices in Istanbul and Ankara, and invests across the whole of Turkey, either directly or in partnership with Turkish banks.
“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," he said.
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. That is the Turkish government will co-finance socially important projects which will be executed according to EBRD standards and requirements.
In Turkey, the EBRD’s priorities, as defined by the country strategy adopted at the end of 2015, are sustainable energy; private sector competitiveness; infrastructure; regional, youth and gender inclusion; and local capital markets. The EBRD made notable investments in all of these areas in 2017.