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EBRD's investment in Turkiye reaches record high

26 January 2024 09:00 (UTC+04:00)
EBRD's investment in Turkiye reaches record high

By News Centre

It was reported that the investments of the European Bank for Reconstruction and Development (EBRD) in Turkiye last year reached a record level of 2.5 billion euros. The bank's record investments last year also included a part of the investment plan it announced to support redevelopment in the region after the earthquakes centred in Kahramanmaraş.

In the statement made by EBRD, it was stated that the bank's investments in Turkiye in 2022 and 2021 were 1.63 billion and 2 billion euros, respectively.

Besides, it was stated that the bank responded quickly to the recovery and restructuring needs following the Kahramanmaraş-centered earthquakes that occurred in February in Turkiye, and that the total investment volume in 2023, including recovery investments, reached a record level of 2.48 billion euros.

The EBRD has created a multi-year 1.5 billion euro investment plan aimed at supporting the recovery, reconstruction, and reintegration of the economy of the earthquake zone.

"The plan includes a 600 million euro investment plan implemented through local partner banks to expand financial opportunities for affected businesses and individuals. In addition to the Disaster Response Framework, it also includes infrastructure investments and private sector support for small and medium-sized enterprises (SMEs)," the Bank said.

Over 800 million euros were provided to the region as part of the plan, and this constituted more than 30 percent of EBRD's investments in Turkiye in 2023.

It was pointed out that green and inclusive projects also stand out in EBRD's investments in Turkiye, and it was stated that Turkiye will be the country that receives the highest investment volume among all the economies in which EBRD invests in 2023.

The statement noted that EBRD financed 48 projects in Turkiye last year and that 91 percent of the investments were provided to the country's private sector, approximately 58 percent contributed to the transition to a green economy, and 60 percent of the projects included gender components.

EBRD Turkiye General Manager Arvid Tuerkner, whose evaluations were included in the statement, stated that 2023 will be a very difficult year for Turkey and its people, considering the magnitude of the damage caused by the earthquakes.

Emphasising that the EBRD remains committed to the country and acted quickly to implement a comprehensive earthquake response plan affected by the earthquake, in addition to maintaining its usual priorities, Tuerkner said, "There is much more to be done, and the Bank is ready to continue contributing to the reconstruction efforts and the Turkish economy in the coming years."

Tuerkner stated that EBRD's initiatives focused on green and economic inclusion in Turkiye has created momentum for investments to reach a record level in 2023

"This year has also been an important year for green and gender-related projects in the country.

“It has been and will continue to be a key supporter in its journey towards a greener, more resilient, and more inclusive economy,” he said.

EBRD has invested over 19 billion euros in 439 projects in Turkey since 2009. The private sector made up 93 percent of the investments.

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