European bank's Türkiye investments in 2023 to top $2.7B

By Nuran Erkul and Emirhan Yilmaz

ISTANBUL (AA) - Investments by the European Bank for Reconstruction and Development (EBRD) in Türkiye this year are expected to exceed €2.5 billion (some $2.7 billion), the bank's president told Anadolu on Wednesday.

Stressing that Türkiye has received the largest share of EBRD investments for the last three years, Odile Renaud-Basso said: "This year will be another very exceptional year because we expect to have a level of investment above €2.5 billion."

Renaud-Basso noted that the EBRD will continue to invest in Türkiye as it sees a lot of investment opportunities.

"For example, the one big priority for us is a green transition. So we believe there is a lot to be done," she explained.

Renaud-Basso said the shift in Türkiye's monetary policy and the macroeconomic policy was "the right one" and should be sustained to tackle persistent inflation.

"What is also very positive is the resilience of the economy and the private sector businesses," she added.

Türkiye's new economic team appointed following elections this May pledged to return to "rational" policies.

"Türkiye has no choice but to return to a rational ground," Mehmet Simsek said in June when he took over as Treasury and finance minister.

A rule-based, predictable Turkish economy will be the key to achieving the desired prosperity, Simsek said.

Renaud-Basso also said the bank has a €1.5 billion investment plan for Türkiye's earthquake-ravaged southern region over the next two years.

This February more than 50,000 people were killed by earthquakes with magnitudes 7.7 and 7.6 which hit 11 provinces, home to about 14 million people.

The bank has already deployed €700 million in the region in 2023 and will complete the rest next year, she noted.