European Bank for Reconstruction and Development (EBRD) has appointed Arvid Tuerkner as a new managing director for Turkey, the bank said in a statement Wednesday.

Tuerkner, a senior banker previously in charge of EBRD director for corporate debt before heading the bank's activities in Russia, is taking up his new job on Nov. 1.

In Turkey, he succeeded Jean-Patrick Marquet, who returns to London as EBRD Managing Director for Infrastructure.

Tuerkner will lead the EBRD operations in Turkey focusing on investments and policies that promote sustainable energy and improve the quality of infrastructure, the statement said.

He will also help Turkish businesses become more competitive, deepen capital and local currency markets and provide greater opportunities to youth, women, refugees and companies in remote regions to support the country's long-term growth potential, the bank said.

"I am honored to take on this new task. Turkey plays an extremely important role in the EBRD's operations and currently is the top destination for EBRD finance," Tuerkner said.

"Together with the EBRD's 90-strong team in Istanbul and Ankara we will work very hard to continue delivering strong results despite a challenging environment," he added.

Tuerkner joined the EBRD in January 2009 from the German development bank DEG as senior banker in the Financial Institutions team in Moscow. He was promoted to the role of Director, Regional Development, and Deputy Head of the Moscow Office in October 2013 and became Head of Russia in April 2015. Recently he moved to the role of Director for Corporate Debt.

The EBRD is a major investor in Turkey. To date, the bank has invested over €9.5 billion ($11 billion) in various sectors of Turkey's economy, with 98 percent in the private sector.

In 2017, the Bank signed 30 projects worth almost €1 billion ($1.1 billion) and expects to exceed €1.5 billion (1.7 billion) in investments this year.