ANKARA: The European Bank for Reconstruction and Development (EBRD) provided a record pound 2.48 billion ($2.7 billion) in financing in Trkiye in 2023, boosted by the bank’s earthquake response.
The EBRD’s financing for Trkiye last year increased from pound 1.63 billion in 2022 and pound 2 billion in 2021, according to a statement on Thursday.
Trkiye received the largest volume of investment in the EBRD’s portfolio in 2023 for the fourth consecutive year.
On Feb. 6, 2023, more than 50,000 people in Trkiye and Syria were killed by two powerful earthquakes with magnitudes 7.7 and 7.6 which hit 11 provinces in Trkiye’s southern region, home to about 14 million people.
Arvid Tuerkner, EBRD Managing Director for Trkiye, said: “The EBRD remained committed to the country and, in addition to maintaining its usual priorities, was swift to deploy a comprehensive earthquake response plan aimed at preserving jobs, livelihoods and human capital in the affected region.”
Tuerkner pledged that the bank would continue co
ntributing to Trkiye’s reconstruction efforts and the economy in the years to come.
In March 2023, the EBRD announced a multi-year pound 1.5 billion investment plan for quake-hit southern Trkiye with an aim of supporting the recovery, reconstruction and reintegration of the region’s economy to preserve human capital, livelihoods and jobs in the affected cities.
The bank provided pound 600 million in credit lines to local lenders for businesses and individuals directly affected by the earthquakes, as well as new lending to companies participating in recovery and reconstruction efforts in the area.
More than pound 800 million has already been made available as part of the earthquake response plan.
Green financing accounted for 58% of the bank’s total investment last year, noted the statement.
“It was also a significant year for green and gender-related projects in the country,” Tuerkner said.
The bank financed 48 projects in Trkiye last year, with 91% of the investments contributing to the country’s priva
te sector.
The EBRD is one of the key investors in Trkiye, with more than pound 19 billion invested across 439 projects and trade facilitation lines since 2009.
Source: Anadolu Agency