Ankara: The European Bank for Reconstruction and Development (EBRD) has invested £2.2 billion ($2.3 billion) in Trkiye so far this year, bringing the bank’s total investments in the country to over $22 billion. EBRD President Odile Renaud-Basso, during her visit to Trkiye, engaged in discussions with President Recep Tayyip Erdogan regarding future investment opportunities and strategies to support the country’s projects and strategic priorities.
According to Anadolu Agency, Renaud-Basso emphasized that Trkiye has been EBRD’s largest investment destination since the bank began investing there in 2009. “This year, we’ve already signed £2.2 billion ($2.3 billion) of investment, and with some time still left before the year ends, we expect to come close to last year’s investment level of £2.5 billion ($2.6 billion), which was our highest annual investment in Trkiye,” she stated. She also noted that 50% of EBRD’s investments are directed toward the green sector, with over 60% incorporating a gender component to b
oost female workforce participation.
Renaud-Basso praised Trkiye’s macroeconomic policy changes, noting progress in economic rebalancing. She pointed out the risks of high inflation and the importance of adjusting macroeconomic frameworks to create a favorable environment for sustainable economic growth. Inflation is on a downward trajectory, expected to decrease to around 40% by year’s end. Renaud-Basso had productive discussions with Central Bank Governor Fatih Karahan and Minister of Finance Mehmet Simsek, who demonstrated a clear determination to remain on course.
The EBRD President expressed support for Trkiye’s commitment to expanding its wind and solar capacity by 90 gigawatts by 2035. Minister Bayraktar unveiled Trkiye’s long-term energy strategy, which includes enhancing renewable energy capacity, improving energy efficiency, increasing nuclear power generation, and adopting technologies like hydrogen and battery storage. These efforts are estimated to require at least $80 billion in investments.
Renaud-Basso highlighted the EBRD’s collaboration with Trkiye’s Ministry of Industry and Technology to decarbonize key sectors like steel, aluminum, fertilizers, and cement. The initiative aims to boost the competitiveness of Turkish companies in foreign markets through private investor involvement and concessional funds.
Addressing global economic uncertainties, Renaud-Basso mentioned geopolitical tensions and the potential risks for Trkiye due to Europe’s economic slowdown. She warned against protectionist policies and trade wars that could harm global growth and expressed hope for international cooperation to avoid such scenarios.
Lastly, Renaud-Basso mentioned the EBRD’s $1.6 billion investment program for Trkiye’s earthquake-stricken southeastern region, with $1.3 billion already allocated to various projects. The program may be extended depending on further needs.