Skip to content Skip to Search
Skip navigation

Turkey received highest EBRD funding of $1.7bn in 2022

By Pramod Kumar
Turkey’s deficit stood at $8.13bn in June, seven times the deficit a year earlier Unsplash.com
Turkey’s deficit stood at $8.13bn in June, seven times the deficit a year earlier

The European Bank for Reconstruction and Development (EBRD) invested €1.63 billion ($1.7 billion) in Turkey in 2022, the highest volume of annual investment in all the economies where the bank operates.

EBRD’s cumulative investment in the country amounted to almost €17 billion, 85 percent of which has been in the private sector, the bank said in a statement.

Over half of the bank’s 2022 investments in Turkey were part of its green economy transition, focusing on projects that aimed to accelerate its shift to a greener, low carbon and resilient economy. 

Arvid Tuerkner, EBRD managing director for Turkey, said: “As volatility persists in global markets, our financing continues to be a significant source of support for Turkey’s private sector. Our commitment to an inclusive, green economy continues to dominate our journey in the country.”

Turkey ratified the Paris Agreement in 2021 and currently has a net-zero target of 2053.

Projects in Turkey that focused on green financing, energy sector transformation, decarbonisation and infrastructure were high on the EBRD’s agenda last year. 

Loans extended under the framework included a €53.5 million loan to the Turkish Industrial and Development Bank, a €25 million loan to QNB Finans Leasing and €50 million to Yapi Kredi Leasing to finance projects that focus on energy efficiency, renewables and climate resilience measures.

Supporting Turkey’s journey to becoming a European hub for commercial electric vehicles (EVs), the investment is set to finance the company’s investment programme for upgrading its next generation of commercial vehicles, including EVs. 

The EBRD also continued to support renewables in the energy sector with key projects, including a loan of $45 million to Galata Wind Enerji to increase wind capacity and a $100 million loan to Adnan Polat Enerji to develop renewable energy capacity. 

Latest articles

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]