European bank's total investment in Türkiye reaches $22B

By Nuran Erkul

LONDON (AA) – The European Bank for Reconstruction and Development (EBRD) has announced that its total investments in Türkiye have exceeded €20 billion ($22 billion), according to Arvid Tuerkner, the bank's Türkiye Managing Director.

“This reflects the strength of the partnership between our bank and our partners in the country, as well as our long-term commitment and faith in the potential of the Turkish economy, even in difficult times,” said Tuerkner, who will leave Türkiye, where he has worked for seven years, and take up the position of EBRD Director for Ukraine and Moldova on Aug. 1.

Tuerkner emphasized the importance of predictability in the economic environment, noting that Türkiye’s vibrant private sector has demonstrated a strong capacity to move forward in various sectors.

“One of the most important lessons I have learned from my seven years of experience in Türkiye is the extraordinary capacity of the Turkish private sector to adapt to these challenges,” he told Anadolu.

He underscored the crucial role of international investors in times of economic volatility, explaining that the EBRD's financial presence is vital for promoting stability and progress in the Turkish economy.

“Over the past year, strong improvements in Türkiye’s potential have been recognized by rating agencies. What is important for us and for economic stability is a return to orthodox policies. As of now, we see no signs of a change in this path,” Tuerkner added.

- Support for green investment

Tuerkner noted a significant increase in the private sector's interest in green investment and a willingness to accelerate their transformation during his tenure in Türkiye.

“None of this would have been possible if companies had not shown a strong interest,” he emphasized.

He also highlighted the unprecedented response of the private sector to the earthquake disaster in 2023, expressing pride in the EBRD's role in supporting the recovery efforts.

As of August 1, Tuerkner will leave Türkiye, where he has worked for seven years, and take up the position of EBRD Director for Ukraine.

“The war in Ukraine presents unique challenges to the country's economic stability.

"Just as my team in Türkiye achieved significant strategic goals, I am confident that our colleagues in Ukraine will do the same,” he noted.

*Writing by Sahika Olgun from Istanbul