European Investment Bank prepares to resume operations in Turkey
Date
12/21/2024 1:17:09 PM
(MENAFN) he European investment bank (EIB), the world's largest multilateral financial institution, is preparing to relaunch its operations in Turkey, according to an EIB spokesperson speaking to Anadolu.
“The EIB has been invited by the European Council and the European Commission to reassess its engagement with Turkey,” the spokesperson stated.
“This process, which aims for a phased, proportionate, and reversible re-engagement with Turkey as outlined by the Council’s conclusions, has now been initiated,” they added.
The EIB’s activities in Turkey will focus on areas of shared interest between Turkey and the EU, particularly in supporting climate action, green transformation, post-earthquake recovery, and addressing migration-related challenges.
“Since beginning operations in Turkey in 1965, EIB Global has provided over €30 billion (USD31.2 billion) in financing,” the spokesperson noted, highlighting the bank's most recent operation—a USD416.4 million financing agreement last year for the restoration of water and wastewater infrastructure in earthquake-affected regions.
The Luxembourg-based bank had suspended its operations in Turkey in 2019 due to disagreements over Turkey’s oil and gas exploration activities in the Eastern Mediterranean.
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