EBRD turns attention to Turkey

The European Board for Reconstruction and Development (EBRD) has decided that Turkey should begin to receive investments.

Turkey has been a shareholder in the development bank since it was founded in 1991, but in April it requested a change to its EBRD status to become a country of operations. In its application, Turkey argued that the EBRD could help develop a variety of entrepreneurial and open-market initiatives across a wide range of sectors.

Although final approval of future investments in Turkey will not made until the end of October, there is a general consensus that the initiative will be in the best interest of Turkey and the EBRD.

As EBRD president Thomas Mirow explains: “The overwhelming majority in favour of this decision is an impressive sign of unity among the shareholders that will further strengthen

“Support for the further development of a dynamic market economy will be beneficial not only to Turkey, but also help bolster economies in the EBRD region with strong trade and investment links to Turkey, especially in the Balkans, the Caucasus and Central Asia.”

Potential EBRD investments in Turkey would aim to support the growth of small businesses, encourage privatisation and apply private sector financing and know-how to public services. In particular, investments would be focused on areas outside main metropolitan centres, as well as on developing agribusiness and promoting energy efficiency.