EBRD gives strong support to Turkish economy in challenging environment

The European Bank for Reconstruction and Development (EBRD) has said it continued to deliver strong support for Turkey in 2016 with a combination of a powerful investment program and backing of crucial sector policies to modernize the country's economy and build its resilience to shocks. 

In a challenging year, the EBRD invested 1.9 billion euros in Turkey which reconfirmed its position as the top destination for the Bank's funding, said the EBRD in a statement late on Jan. 17. 

Turkish projects represented 20 percent of the EBRD's total 9.4 billion euro investment last year across some three dozen countries on three continents, according to the statement. 

"In a most challenging year for Turkey, the EBRD has been able to further raise its investment in the country while at the same time encourage key reforms required for its long term prospects, notably more energy efficiency, deeper capital markets, broader Turkish lira financing and an inclusive economy and workforce," said Jean-Patrick Marquet, whose Istanbul-based country manager role has now been upgraded to managing director. 

This step reflects the compelling mix of a growing portfolio, sustained business and an extensive policy agenda in the country, said the Bank. 

 This is the first time that the Bank's operations in Turkey are being run by a dedicated managing director which demonstrates the EBRD's strong commitment to the country, it added.

On a par with 2015, the Bank financed 43 projects in 2016, 13 of which involved Turkish Lira, a priority for the EBRD in Turkey, according to the statement. 

The Bank made a strong contribution to Turkey's hospital building program under the public-private partnership model. The Bank financed new health...