European bank’s investments in Turkey near $1B in H1

By Gokhan Ergocun

ISTANBUL (AA) - The European Bank for Reconstruction and Development's (EBRD) investments in Turkey reached almost $1 billion in the first half of 2020, the peak period of the pandemic.

The EBRD rapidly met the requirements of developing economies to tackle the pandemic's effects, the bank said in a press release on Wednesday.

The bank financed Turkish lenders Denizbank, QNB Finansbank, Yapi Kredi, Garanti and Akbank during the first half of 2020.

The country’s energy and logistic sectors also benefited from the bank's financing over the same period, the EBRD said.

The bank's financing in its region of 38 countries, which was €3.7 billion ($4.18 billion) in the same period last year, reached €5 billion in the first half of 2020.

In March, the bank has announced the coronavirus Solidarity Package, including a series of measures to meet requirements in its region.

In April, the EBRD said it dedicated all of its operations to the fight against the pandemic.

The bank also raised its trade financing supports as part of its Trade Facilitation Program.

The EBRD financed over 1,000 trade agreements with a record turnover of €1.9 billion in the first half of 2020.

Since 2009, the EBRD has invested €12.4 billion through over 300 projects in Turkey.

The EBRD’s €7 billion portfolio in Turkey is the largest among the 38 economies where the bank invests.