In response to the growing demand for the EBRD’s support in Turkey, the Bank is stepping up its engagement in the country and opening a new Resident Office in Ankara.
In the current environment when the availability of longer-term financing remains limited, international financial institutions such as the EBRD play a key role in supporting the further economic development of Turkey.
“Turkey is a fascinating country with strong growth prospects and the EBRD is pleased to be able to support the implementation of important projects that help the country achieve its potential. We are prepared to invest around €1 billion annually in Turkey in infrastructure, energy, agribusiness, industry and financial sectors, facilitating access to the much-needed financing for Turkish businesses, especially in the more remote regions of the country,” said Varel Freeman, EBRD’s First Vice President, at the launch event held today in Ankara.
“In just three years since we began our activity in Turkey, it became one of the most important countries where the EBRD invests. With a strong pipeline of projects ahead, the EBRD will continue to play a significant role in supporting the further development of the Turkish economy,” added Varel Freeman.
The Bank will be drawing on its experiences in Turkey as it prepares to invest in the southern and eastern Mediterranean region.
The opening of the Resident Office in Ankara is in line with the EBRD’s strategy for Turkey, which focuses on increasing the Bank’s outreach to businesses outside of the Marmara region and to build on the successful policy dialogue with the Turkish authorities.
In the coming years the EBRD will focus particularly on helping Turkish enterprises improve energy efficiency, boosting the generation of renewable energy, supporting important transport infrastructure projects under private-sector financing structures and promoting commercialisation of municipal infrastructure. In addition the Bank will continue to help Turkish enterprises strengthen their competitiveness, with a special emphasis on micro, small and medium-sized enterprises, which are the main drivers of Turkey’s economy, as well as on high value-added manufacturing, agriculture and the less-developed regions of Turkey.
“Through our office in Ankara the EBRD will continue its successful cooperation with the Turkish authorities and will deepen its direct engagement with key officials in support of the ongoing implementation of key reforms with the overall objective to further strengthen Turkey’s investment climate,” said Michael Davey, EBRD Director for Turkey.
The EBRD’s office in Ankara will be led by Engin Göksu, who has worked with the Bank since 2005 in various senior positions in the Donor Co-Financing, being responsible for the mobilisation of bilateral donor funds and EU resources for EBRD projects.
Since the beginning of its activity in Turkey, the EBRD has invested around €1.8 billion in key sectors of the country’s economy, mobilising additional investment of around €3.4 billion from other sources.