World, Economy, Europe

EBRD 'remains committed' to Turkey

Turkey plays extremely important role in bank's operation, European Bank for Reconstruction and Development says

26.10.2017
EBRD 'remains committed' to Turkey FILE PHOTO

By Gokhan Kurtaran

LONDON

The European Bank for Reconstruction and Development (EBRD) has said it remains committed to Turkey and continues to engage with the country.

"Turkey plays an extremely important role in the EBRD's operations," the bank told Anadolu Agency late Wednesday.

The bank underlined that Turkey was its largest country of operation by annual investment volume and portfolio size.

"To date we have invested over €9.5 billion [around $11.2 billion]," it said, adding 30 projects worth almost €1 billion [some $1.2 billion] had been signed so far this year.

"We expect to exceed €1.5 billion [around $1.8 billion] in investment in 2017," it said.

The bank's comments came after Bloomberg's reports which claimed Germany was actively working to cut funding to Turkey from the country’s state-owned KfW bank, the European Investment Bank and the EBRD.

The EBRD is a leading investor in Turkey which was the biggest recipient of EBRD funds last year and has offices in Istanbul, Ankara and Gaziantep.

The bank has invested in 240 projects in Turkey, 97 percent in private sector, including infrastructure, sustainable energy, agribusiness, industry and finance, according to the bank's website.

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