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Turkey has made significant progress in domestic political reforms by enhancing institutional checks and balances, bringing civil-military relations in line with democratic principles and opening dialogue with the country’s minorities, including its Kurdish community. These steps have moved Turkey closer to meeting the political accession criteria in its negotiations with the EU. Areas for further reform include freedom of expression, women’s rights and freedom of religion.
Although recent growth and progress in reform have been strong, significant structural reform challenges and associated transition gaps remain. Key transition challenges that can be addressed with EBRD financing and assistance include:
Increasing private sector participation, sustainability and efficiency in the energy sectors: While the Turkish economy as a whole is currently more energy efficient than the OECD average, the current system has difficulty accommodating demand pressures of a rapidly growing economy.
Developing mid-sized corporates in underdeveloped regions: While larger corporates in the commercial centres have access to a range of finance, mid-sized corporates, especially in the regions, still suffer from lack of access to longer term financial products and from weaker business and corporate standards.
Strengthening regional and rural infrastructure sectors: Municipalities, especially in the underdeveloped regions, have little debt capacity and suffer from inefficient operational management and service delivery for most utilities. The implementation of transparent PPP projects will help to attract more private sector investment into the infrastructure sector.
Supporting deepening of financial intermediation and local currency capital markets: Despite reasonably well-functioning financial markets at short maturities, there is a lack of efficient intermediation of long-term funds to under-funded sectors and uses.
Last updated 3 May 2012