EBRD commits to €1.5 bln for Turkey with half for green financing

The European Bank for Reconstruction and Development (EBRD) is committed to the continued success of the Turkish economy and the resilience of its private sector by continuing to offer green financing, the head of the bank said.

Turkey is already the EBRD's largest country of operation by annual investment and portfolio, with more than €14 billion cumulative investments since 2009. The majority, at 95%, is designated for the private sector and almost 50% is in support of the green agenda covering green financing and the low carbon economy, Odile Renaud-Basso said, at the start of her first in-person visit to Turkey.

'To date, the EBRD has provided €6.6 billion in green financing through 175 projects, mostly in the private sector but also to Turkish cities and households, in support of greater sustainability and resource efficiency,' she said.

This year, the EBRD is likely to provide around €1.5 billion in financing for the Turkish economy, roughly half of which is expected to be in green financing, Renaud-Basso said.

"I will reiterate the EBRD's commitment to Turkey, continued success of its economy and the resilience of its private sector. I will also emphasize the importance of stability, predictability and the rule of law for the development of the private sector and will call for the acceleration of the necessary reform measures to unlock more investment to the country," she said.

Later on her visit, she will announce details of the bank's doubling of finance for female entrepreneurs.

"Sustainability will be at the heart of my discussions," she said, as the EBRD finances low carbon transport in Ankara and İzmir, works on a €15 million loan for the acquisition of 100 compressed natural gas buses in Mersin along with a...