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EBRD forecasts over €2.5 billion investment in Turkey for 2023

EditorRachael Rajan
Published 11/22/2023, 08:33 AM

The European Bank for Reconstruction and Development (EBRD) anticipates investments in Turkey to exceed €2.5 billion (USD2.7 billion) this year, marking an exceptional year of financial engagement and the third consecutive year of Turkey being the top recipient of EBRD funds. The bank's President, Odile Renaud-Basso, underscored the strategic focus on green transition initiatives and the bolstering of Turkey’s economic resilience and private sector robustness.

Following the devastating earthquakes in February 2023 that caused significant loss of life in southern Turkey, the EBRD committed €1.5 billion over two years to support reconstruction efforts. Already, €700 million has been allocated in 2023, with full investment deployment expected by next year. This commitment comes alongside Turkey's economic team's dedication to rational policy-making aimed at fostering prosperity.

Renaud-Basso praised Turkey’s macroeconomic strategy reform and monetary policy adjustments designed to combat inflation. She also noted the resilience of the Turkish economy and its robust private sector in the face of economic challenges. Additionally, she endorsed Turkey's adherence to rule-based governance and strategic environmental sustainability efforts.

Turkey's Treasury and Finance Minister Mehmet Simsek emphasized a return to rational economic policies following his appointment after recent elections. He assured continued commitment to these policies, which are expected to create a conducive environment for predicted economic prosperity.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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