The European Bank for Reconstruction and Development (EBRD) invested 1.63 billion euros ($1.7 billion) in Türkiye in 2022, the best quantity of annual funding in all of the economies the place the financial institution operates, in line with a press release from the EBRD on its funding outcomes of final 12 months within the nation.
Türkiye accounted for 1.63 billion euros of the EBRD’s whole funding in 2022, reaching over 13 billion euros for the primary time.
Türkiye has additionally change into the financial institution’s largest marketplace for the third consecutive 12 months.
With final 12 months’s funding in Türkiye, the financial institution’s cumulative funding within the nation has neared 17 billion euros, 85% of which has been within the non-public sector, stated the assertion.
“Over half of the EBRD’s 2022 investments in Türkiye was part of the Bank’s Green Economy Transition, focusing on projects that aimed to accelerate its shift to a greener, low carbon and resilient economy,” the assertion stated.
“As volatility persists in global markets, the EBRD’s financing continues to be a significant source of support for Türkiye’s private sector,” Arvid Tuerkner, EBRD’s managing director for Türkiye, was quoted as saying within the report.
“We are proud to say that over half of the annual investment we delivered in the country last year focused on the green transition, which will be instrumental in creating more jobs and strengthening the resilience of Turkish companies. Our commitment to an inclusive, green economy continues to dominate our journey in the country.”
The inexperienced transition has accelerated in Türkiye in the previous couple of years, notably with the expansion of renewables deployment. The nation ratified the Paris Agreement in 2021 and put a net-zero goal for 2053.
According to the assertion, the financial institution supported increasing inexperienced financing within the nation with the announcement of a 500 million euro Green Economy Financing Facility final 12 months.
The loans underneath the framework included a 53.5 million euro mortgage to the Turkish Industrial and Development Bank (TSKB), a 25 million euro mortgage to QNB Finans Leasing and 50 million euros to Yapı Kredi Leasing to finance initiatives that concentrate on vitality effectivity, renewables and local weather resilience measures.
EWs, renewable capability development
The financial institution additionally supplied Ford Otosan, U.S. automaker Ford’s three way partnership with Türkiye’s Koç Holding, with a 200 million euro mortgage, sharing financing with industrial lenders.
“Supporting Türkiye on its journey to become a European hub for commercial electric vehicles (EVs), the investment is set to finance the company’s investment program for upgrading its next generation of commercial vehicles, including EVs,” the EBRD stated.
Last 12 months’s investments additionally noticed assist within the nation’s renewable vitality sector, together with a mortgage of $45 million to Galata Wind Enerji for capability development and a $100 million mortgage to Adnan Polat Enerji to develop renewable vitality capability.
The financial institution supplied Istanbul Metropolitan Municipality with funding of 75 million euros for the development of the Göztepe-Ataşehir-Ümraniye metro line, aiming to again sustainable options and decarbonization methods within the metropolis.
The funds have been an extension to a mortgage of 97.5 million euros supplied to the town again in 2019, in line with the assertion.
Gender equality key focus
The EBRD stated gender equality turned a key focus in 2022 as Türkiye turned the nation with the biggest variety of initiatives selling feminine entrepreneurs.
“This was in the year the EBRD marked a trailblazing decade of support for Turkish women under its Women in Business program, with 900 million euros earmarked for the program. Under it, the bank also collaborated with partners and financial institutions to work towards expanding financial opportunities for women,” stated the assertion.
The financial institution stated it supplied $127 million in funding to Işbank for on-lending to women-led companies and a $50 million syndicated mortgage to Akbank to enhance the power of the nation’s banking sector to finance women-led companies.
“The EBRD continues to focus on strengthening financial resilience, fostering the knowledge economy, promoting inclusion and accelerating the shift to the green economy,” the assertion stated.
Source: www.dailysabah.com
