A small key opens large doors, moderate loans boost economy

Mike Davey

The EBRD catalyzes investments in Turkey and every EBRD euro is supplemented by 2.2 euros from other sources, says the EBRD director for Turkey. ADVERTORIAL

A pomegranate tree can yield a good harvest in four or five years. The EBRD has been investing in Turkey since 2009; we are now beginning to see the fruits of our labour. Today, in terms of annual business volume, Turkey has become the second biggest country of EBRD operations. We invested more than a billion euros
in Turkey last year and are well on the way to increasing that figure this year.

Turkey is not a newcomer on the global economic stage. Other countries are carefully watching Turkey’s economic reform and increasing political clout. It has powerful contracting and construction, automotive and textile industries, and its companies are rapidly expanding abroad.

But further growth will require new effort. Turkey needs to lessen dependence on imported energy and to increase greener domestic production, from wind farms to gas-fired plants. It wants private and foreign investment for the country’s massive infrastructure and utility programmes. Its dynamic family-owned mid-sized companies are beginning to open up to outside investors for further expansion.

Compared to these needs, one billion euros a year of EBRD investment might not seem like that much. But as we say here in Turkey, a small key opens big doors. We catalyse investments - every EBRD euro is supplemented by 2.2 euros from other sources, - and we devise creative financing structures and credit lines which are replicated by other businesses and banks. The EBRD brings crucial knowhow to private sector
participation in sectors like infrastructure and public utilities. And we are always looking for new ways to support Turkey’s sustainable development.

We also believe that among the biggest of Turkey’s underutilised resources is the country’s educated and determined women. Full democracy and market economics can only be realised with equal opportunities for both women and men. We are working to provide those opportunities.

The EBRD has had some great successes in Turkey, and we see great opportunities for further investments that will generate wealth and improve people’s lives.