EBRD 'remains committed' to Turkey amid German pressure to cut funds

DAILY SABAH WITH AA
ISTANBUL
Published 26.10.2017 10:47
Updated 26.10.2017 11:25
Berat Albayrak, Turkish Energy and Natural Resources Minister, oversees construction of the Trans-Anatolian Natural Gas Pipeline (TANAP), a project funded in part by EBRD. (Sabah File Photo)
Berat Albayrak, Turkish Energy and Natural Resources Minister, oversees construction of the Trans-Anatolian Natural Gas Pipeline (TANAP), a project funded in part by EBRD. (Sabah File Photo)

The European Bank for Reconstruction and Development (EBRD) has said it remains committed to Turkey and continues to engage with the country.

"Turkey plays an extremely important role in the EBRD's operations," the bank told Anadolu Agency late Wednesday.

The bank underlined that Turkey was its largest country of operation by annual investment volume and portfolio size.

"To date we have invested over €9.5 billion [around $11.2 billion]," it said, adding 30 projects worth almost €1 billion [some $1.2 billion] had been signed so far this year.

"We expect to exceed €1.5 billion [around $1.8 billion] in investment in 2017," it said.

The bank's comments came after Bloomberg's reports which claimed Germany was actively working to cut funding to Turkey from the country's state-owned KfW bank, the European Investment Bank and the EBRD.

The EBRD is a leading investor in Turkey, which was the biggest recipient of EBRD funds last year, and has offices in Istanbul, Ankara and Gaziantep.

The bank has invested in 240 projects in Turkey, 97 percent in private sector, including infrastructure, sustainable energy, agribusiness, industry and finance, according to the bank's website.

This month, EBRD approved a $500 million loan for the Trans-Anatolian Natural Gas Pipeline (TANAP) project, the largest part of a $40 billion project to bring gas to Europe from the Caspian Sea along the Southern Gas Corridor (SGC). TANAP is a key part of the SGC which will strengthen Europe's energy security, promote interconnectivity and open gas markets.

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