EBRD invests record 2.5 billion euros in Türkiye in 2023

ISTANBUL

The European Bank for Reconstruction and Development (EBRD) invested a record 2.48 billion euros in Türkiye in 2023, boosted by the Bank’s swift response to the country’s recovery and reconstruction needs following deadly earthquakes in early February last year. 

Türkiye also received the highest volume of investment of all the bank’s investee economies in 2023, the EBRD said in a statement.

The EBRD remained committed to supporting the development of Türkiye’s private sector and its green transition, particularly in the aftermath of the earthquake that hit the southeastern region on Feb. 6 last year, causing widespread damage and claiming over 55,000 lives.

In the weeks following the disaster, the EBRD announced a multi-year 1.5 billion-euro investment plan for the affected region, aimed at supporting the recovery, reconstruction and reintegration of the region’s economy. In addition to a 600 million euro Disaster Response Framework rolled out through local partner banks to expand financial opportunities for affected businesses and individuals, the plan also includes infrastructure investments and private-sector support for small and medium-sized enterprises (SMEs).

“The year 2023 was a very challenging one for Türkiye and its population given the magnitude of the damage inflicted by the February earthquakes,” said Arvid Tuerkner, EBRD Managing Director for Türkiye.

“The EBRD remained committed to the country and, in addition to maintaining its usual priorities, was swift to deploy a comprehensive earthquake response plan aimed at preserving jobs, livelihoods and human capital in the affected region. More needs to be done, and the Bank stands ready to continue contributing to reconstruction efforts and Türkiye’s economy in the years to come.”