TURKEY ECONOMY

EBRD remains committed to Turkey: Country director

Turkish economy shows an incredible resilience to shocks, says director of EBRD's Turkey office

Anadolu Agency

The European Bank for Reconstruction and Development (EBRD) remains committed to Turkey, as investment demand in the country is significant, the bank's managing director in Turkey said on Thursday.

"The EBRD is a demand-driven institution and we will continue investing in Turkey as long as we see demand for our financing and know-how," Arvid Tuerkner told Anadolu Agency exclusively.

Tuerkner said the EBRD has made rapid progress in Turkey since 2009 and signed onto significant projects.

The EBRD’s portfolio in Turkey is the largest among countries where the EBRD invests, Tuerkner underlined.

"To date we have financing worth €9.5 billion ($11.2 billion) in almost 250 projects across various sectors of the economy," he added.

The bank’s portfolio in Turkey currently stands at €7 billion ($8.3 billion), Tuerkner noted.

Tuerkner said the bank’s investment volume this year is expected to reach €1.5 billion ($1.8 billion).

The EBRD not only provides monetary support for the private sector but also backs it in policy--making, he underlined.

Tuerkner said the EBRD provides 97 percent of its support in Turkey to the private sector.

He added: "The Turkish economy has shown an incredible resilience to shocks."

Turkish government policies such as the Credit Guarantee Fund have helped the country's economy, Tuerkner said.

He said that the country's growth in the first and second quarters of this year came above expectations.

The economy grew 5.2 percent in the first quarter and 5.1 percent in the second quarter, compared with the same periods in 2016, according to the Turkish Statistical Institute (TurkStat).

Tuerkner added that they want to continue Turkey's reform efforts in the long term.

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