European bank to invest $1.1 billion in Turkey

COMPILED FROM WIRE SERVICES
ISTANBUL
Published 22.01.2019 14:22
Updated 22.01.2019 14:23

The European Bank for Reconstruction and Development (EBRD) plans to invest around 1 billion euros ($1.1 billion) in Turkey this year focusing on agriculture and exporting sectors, a senior EBRD official said, according to the Anadolu Agency.

"We aim to make an investment worth around 1 billion euros in Turkey in 2019, the same amount we have invested last year," Arvid Tuerkner, the EBRD's managing director for Turkey, was quoted as saying by Anadolu in an interview.

The EBRD expects Turkey's economy to contract for two or three quarters this year, Tuerkner said, adding annual growth was expected to be 1 percent, according to Anadolu.

Since 2009, the EBRD has invested over 11 billion euros in various sectors of the Turkish economy, with almost all investment in the private sector.

The bank's 7-billion-euro Turkey portfolio is the largest among the 38 economies where the bank invests, it said.

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