Turkey ‘hugely important’ to EBRD, says head of bank

By Gokhan Ergocun

ISTANBUL

Turkey is “hugely important” to European Bank for Reconstruction and Development (EBRD), which is working to enhance the country's progress, Suma Chakrabarti, president of the bank, said on Thursday.

Turkey's progress gained momentum in 15 years, and despite all the challenges in the recent past, the country is moving with the strongest growth, Chakrabarti stated in his speech at the Turkish Industry and Business Association's (TUSIAD) 48th general assembly in Istanbul.

He stressed that the EBRD’s mission is to support open market economies.

Since the bank began investing in Turkey in 2009, it has invested €10 billion ($12.2 billion) in the country and €5.4 billion ($6.6 billion) in the last 3 years, the president of the bank said.

He said the progress of any country depends upon six qualities, which include durableness, competitiveness, green-economy, inclusion, integration and good governance.

"We are working to promote all six of those qualities in Turkey," Chakrabarti said.

The EBRD also supports Turkey's economy, sustainable growth and private sector, he said. “It [Turkey] has been number one market since 2014."

The EBRD attached great importance to the green agenda and half of all of its projects in Turkey last year promoted the source efficiency, he noted.

If Turkey wants to make a long-term sustainable growth, it needs to shift a growth model based on investment and adopting technology, he stressed.

"Standards of corporate governance are relatively high in Turkey now," he added.