The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Turkey which will guide the Bank’s investments in the country for the next four years.
The 2015-18 strategy sets out five themes where the Bank sees growing demand for its investment and policy advice:
- Investing in energy efficiency and renewable energy and supporting energy sector reforms;
- Improving the quality of infrastructure with the participation of private sector;
- Scaling up private sector competitiveness through innovation and improved corporate governance;
- Promoting regional and youth inclusion, as well as gender equality, to support long-term growth potential;
- Deepening capital and local currency markets.
Jean-Patrick Marquet, EBRD Director for Turkey, said: “Turkey is going through challenging times and the EBRD is ready to play its role in helping the country build a strong, competitive, sustainable and inclusive economy which will bring prosperity to all. We will continue working mainly with the private sector as it is key to ensuring continued growth. Building on a strong six-year history of engagement, the Bank will focus on areas with most reform appetite and market demand and will combine investments with policy advice and support for reforms.”
In 2014 Turkey became EBRD’s top financing destination, with new investments worth €1.4 billion. The Bank started investing in the country in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep.
To date, the Bank has invested over €6 billion in Turkey through more than 160 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilised over €12 billion for these ventures from other sources of financing.