EBRD makes its largest investment in Turkey!

The European Bank for Reconstruction and Development (EBRD) had invested 1.63 billion Euros in Turkey in 2022 and 2 billion Euros in 2021.

In 2023, it responded rapidly to recovery and reconstruction needs following the earthquakes, making a record investment of 2.48 billion Euros in Turkey.

TURKEY RANKED FIRST

With the 2.48 billion Euro investment it received, Turkey ranked first among all economies in which the EBRD invested in 2023.

As part of its earthquake response plan, the EBRD provided more than 800 million Euros in funding to companies and individuals in the region. This funding accounted for more than 30 percent of the investments the EBRD made in Turkey in 2023.

The EBRD announced a multi-year 1.5 billion Euro investment plan for the earthquake-affected region, aimed at supporting the recovery, reconstruction, and reintegration of the regional economy. The plan includes infrastructure investments and private sector support for small and medium-sized enterprises (SMEs), in addition to a 600 million Euro Disaster Response Framework offered through local partner banks to expand financial opportunities for affected businesses and individuals. 

"IT HAS BEEN A DIFFICULT YEAR FOR THE PEOPLE OF TURKEY"

EBRD Managing Director for Turkey Arvid Tuerkner said, "Given the scale of the damage caused by the February earthquakes, 2023 has been a very challenging year for Turkey and its people. The EBRD has maintained its commitment to the country and, in addition to maintaining its usual priorities, acted quickly to implement a comprehensive earthquake response plan aimed at protecting jobs, livelihoods, and human capital in the affected region. There is still much to be done, and the Bank stands ready to continue contributing to reconstruction efforts and the Turkish economy in the coming years."

News Source: 12punto