The European Bank for Reconstruction and Development (EBRD) increasing their finance for 2020’s in Turkey as the economy is set to bounce back.
According to the European Bank for Reconstruction and Development (EBRD) managing director of Turkey Arvid Tuerkner:
2019 was difficult task for Turkish economy in terms of asset quality in the banking sector. Despite the entire difficulties in business environment, EBRD’s has to continue their business volume in Turkey.
The EBRD will finance 1 billion euros ($1.1 billion) in debt and equity financing for 35 Turkish projects in 2020.
The EBRD expects the Turkish economy to rebound in 2020, main purpose to continue finance to make more stronger Turkish private sectors and to support even more investment projects that boost the economy, create jobs and improve people’s lives.
The EBRD will also explore opportunities for Islamic financial products and expects the issuances of Turkish entities to grow and the biggest part of the financing related to local currency and the development of local capital markets in order to help companies reduce currency risks.
The EBRD also aim to support Turkey’s sustainability agenda, the country’s blueprint to implement the global development goals. It will continue its engagement with the Turkish government to deploy energy efficiency technologies.
EBRD has invested almost €12 billion ($13.3 billion) in various sectors of the Turkish economy since 2009.
According to the president of the EBRD, Mr. Suma Chakrabarti:
Turkey is one of the significant and substantial countries where they can invest and anticipate good earnings. The main advantages are Turkey’s geographical location,
and it’s very diverse economy. EBRD invested 1 billion euros ($1.1 billion) previously and the journey will continue this year too.