The European Bank for Reconstruction and Development (EBRD) believes on the long-term development of Turkey, according to the bank’s managing director in Turkey.
Noting that the EBRD has been operating in Turkey since 2009, Arvid Tuerkner said Turkish market is the “largest investment envelope.”
“Since 2009, Turkey has really been a success story for the EBRD,” Tuerkner said.
He stressed that 96 percent of the bank’s investments in Turkey were made in private sector.
Tuerkner said the bank has a broad investment profile, with a special focus on infrastructure and renewable energy projects, as well as corporate companies involved in producing and exporting of products.
“We have invested in total close to €11 billion (approximately $12.8 billion) into the projects in Turkey since 2009,” he added.
Stating that the EBRD is a demand-driven organization, and considering the “investment appetite” in Turkey, Tuerkner said the bank is always ready to finance the viable projects.
He also highlighted the role of Turkish banks and financial institutions on reaching to SMEs (small and medium-sized enterprises) and women in business for financing their projects.
Touching the recent foreign exchange market fluctuations in the country, Tuerkner said that the EBRD believes in Turkish market, and regardless of difficult circumstances, the bank continues to do the business in Turkey.
“Current period is a difficult one for Turkey, it is a very volatile environment. Regardless, EBRD continues to remain open for business,” he noted.
The EBRD has provided a loan of €80 million (nearly $94 million) for the construction of a new 7.2-kilometer (4.4-mile) metro line in Turkey’s Aegean province of Izmir, the bank said in a statement on Thursday.
The bank previously extended more than €55 million (more than $64 million) financing for new vehicles for the Izmir metro system and new car ferries to support an environmentally friendly alternative to the city’s busy roads.
In 2017 alone, the EBRD invested €1.6 billion (some $1.8 billion) in 51 projects in the country — nearly a third of this financing was provided in Turkish Lira.
Since 2009, the EBRD has invested nearly €11 billion (approximately $13 billion) in Turkey — a top destination for the bank’s finance.