European Bank

Russia's economy will grow further this year despite Western sanctions over its Ukraine invasion, while Israel's war against Hamas in Gaza will weigh on neighbouring nations, Europe's development bank forecast Wednesday.

Turkey's economy is expected to grow by 5.5 percent in 2021 and 4 percent in 2022, according to the forecast of the European Bank for Reconstruction and Development (EBRD) released on June 29.

The forecast for Turkish economic growth this year is driven by exports, as the bank said domestic demand remains constrained by the impact of weaker household financial circumstances.

The Turkish economy, expected to shrink in 2021 like many other countries due to the coronavirus, will bounce back 6% in 2021, the European Bank for Reconstruction and Development (EBRD) said on May 13. 

"Turkey is likely to see a contraction of 3.5% in 2020 because of the economic impact of the coronavirus pandemic," the bank stressed in a press release.

The novel coronavirus pandemic is expected to cause "the greatest disruption to global economic activity since the Second World War," the European Bank for Reconstruction and Development (EBRD) said on April 8. 

It will affect the banks' emerging economies and rapid recovery is not guaranteed, the bank said in a statement.

Bulgaria's Varna municipality has opened a tender for supply of three specialised trucks for the repatriation of vehicles, the European Bank for Reconstruction and Development (EBRD) said on Monday, quoted by See News. 

The Varna authorities intend to use part of the proceeds of a loan from the EBRD to finance the contract, the bank said in a notice.

Bulgaria's Varna municipality has opened a tender for supply of electric and hybrid vehicles for on-street parking control in the coastal city, the European Bank for Reconstruction and Development said on Monday, reports SeeNews. 

Varna authorities intend to use part of the proceeds of a loan from the EBRD to finance the contracts, the bank said in a notice.