Turkey EBRD's biggest market last year amounting to USD1.7B ...| MENAFN.COM

Friday, 03 February 2023 10:39 GMT

Turkey EBRD's biggest market last year amounting to USD1.7B yearly investment


(MENAFN) The European Bank for Reconstruction and Development (EBRD) financed €1.63 billion (USD1.7 billion) in Turkey last year, the peakiest capacity of yearly investment in all the economies where the bank functions, as said in an announcement from the EBRD on its investment outcomes of 2022 in the nation.

Turkey contributed in €1.63 billion of the EBRD's overall investment last year amounting to more than €13 billion for the initial time.

Turkey has also become the bank's biggest market for the third year in a row.

With 2022’s funding in Turkey, the bank's cumulative investment in the nations has reached around €17 billion, 85 percent of which has been in the private industry, according to the announcement.

"Over half of the EBRD's 2022 investments in Türkiye were part of the Bank's Green Economy Transition, focusing on projects that aimed to accelerate its shift to a greener, low carbon and resilient economy," the announcement added.

"As volatility persists in global markets, the EBRD's financing continues to be a significant source of support for Türkiye's private sector," Arvid Tuerkner, EBRD Managing head for Turkey, was recited as stated in the report.

The report also added that "We are proud to say that over half of the annual investment we delivered in the country last year focused on the green transition, which will be instrumental in creating more jobs and strengthening the resilience of Turkish companies. Our commitment to an inclusive, green economy continues to dominate our journey in the country."

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