Turkey is top destination for EBRD finance
Arvid Tuerkner, the new EBRD Managing Director for Turkey, is taking up his new post in Istanbul today. Mr Tuerkner previously held the position of EBRD Director for Corporate Debt and before that headed the Bank’s activities in Russia. In Turkey he succeeds Jean-Patrick Marquet who returns to London as EBRD Managing Director for Infrastructure.
Mr Tuerkner joined the EBRD in January 2009 from the German development bank DEG as Senior Banker in the Financial Institutions team in Moscow. He was promoted to the role of Director, Regional Development, and Deputy Head of the Moscow Office in October 2013 and became Head of Russia in April 2015. Recently he moved to the role of Director for Corporate Debt.
In his new position in Istanbul, Mr Tuerkner will lead the EBRD operations in Turkey focusing on investments and policies that promote sustainable energy, improve the quality of infrastructure, help Turkish businesses become more competitive, deepen capital and local currency markets and provide greater opportunities to youth, women, refugees and companies in remote regions to support the country’s long-term growth potential.
Arvid Tuerkner said: “I am honoured to take on this new task. Turkey plays an extremely important role in the EBRD’s operations and currently is the top destination for EBRD finance. I am committed to building on the excellent track record of the Bank in the country. Together with the EBRD’s 90-strong team in Istanbul and Ankara we will work very hard to continue delivering strong results despite a challenging environment.”
The EBRD is a major investor in Turkey. To date, the Bank has invested over €9.5 billion in various sectors of Turkey’s economy, with almost all investments in the private sector. In 2017, the Bank signed 30 projects worth almost €1 billion and expects to exceed €1.5 billion in investments this year.