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Turkey received highest EBRD funding of $1.7bn in 2022

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. 

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