Turkey, where the EBRD commenced operations in 2009, has seen the Bank's investments grow to reach an annual total of €1.049 billion in 2012, in 28 projects. This makes Turkey the second-largest country of operations for the EBRD in terms of annual business volume. Russia remained the EBRD's biggest country of operations with over €2.5 billion invested in 2012.

The total EBRD portfolio in Turkey has exceeded €2.6 billion in 76 projects, the total value of which is €8.2 billion - which means that every euro from the EBRD was supplemented by 2.2 euros from other sources of investment.

Turkey is also the fastest-growing EBRD market, reaching today's levels of investment up from €150 million in 2009 - the first year of its operations in Turkey.

Most of the EBRD investments in Turkey - 96 per cent - have been in the private sector with the remainder in municipal infrastructure projects without sovereign guarantee.

Among the biggest EBRD projects signed in Turkey last year are the Kirikkale closed-cycle gas turbine (EBRD investment over €151 million), Istanbul Ferries privatisation project with IDO and TASS (€115 million), Eurasia tunnel under the Bosporus (€112 million), and two €100-million projects -one to finance construction of the Bares wind farm in Balikesir and the other to support expansion of Turk Telecom's broadband network in eastern parts of Anatolia . Substantial investments were also made through a number of energy-efficiency credit lines intermediated through Turkish banks to medium-sized enterprises.

"EBRD investment in Turkey has been growing at an increasing pace reflecting the country's economic dynamism and potential", said Mike Davey, EBRD Director for Turkey. "There is significant role for the EBRD to play across the full spectrum of Turley's economic landscape - from a family-owned company that makes frozen yoghurt to the construction of a new air terminal, the EBRD not only helps growth directly but also demonstrates to other investors the business and financing opportunities Turkey presents."

In 2013, the EBRD will be holding its Annual General Meeting of the Board of Governors in Istanbul on 10-11 May. The event will bring together political leaders, EBRD officials and entrepreneurs from all 34 countries where the Bank is active.

Source: bne