Economy

'Turkey's dynamic private sector encouraging for EBRD'

European Bank for Reconstruction and Development's investment in Turkey expected to be €1-1.5B this year, says bank’s head

Gokhan Kurtaran   | 03.05.2021
'Turkey's dynamic private sector encouraging for EBRD'

LONDON

The fact that the Turkish private sector is “very dynamic” encourages the European Bank for Reconstruction and Development (EBRD) to invest in Turkey, according to the bank’s president.

"It's a country that has very vibrant private activity, which opens up a lot of opportunities for the EBRD to intervene, to encourage the private sector to bring in money to be greener," Odile Renaud-Basso told Anadolu Agency.

Highlighting that the bank investments are project-driven, Renaud-Basso said: “We do not have a country-based investment target. Our expectation is remaining around the same, between €1-1.5 billion ($1.2-1.8 billion) this year."

Last year, Turkey was the leading recipient of the EBRD investments, she said, adding the bank provided financing of €1.7 billion ($2 billion) in response to the COVID-19 pandemic.

The bank made record investments worth €11 billion in 2020 through 411 projects across three dozen economies.

The EBRD is a major investor in Turkey and since 2009, the bank has invested more than €13 billion in the country through 339 projects, 93% of which is in the private sector.

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