EBRD says it has invested 9.4 billion euros in 2016, with Turkey among top recipients

LONDON/ISTANBUL

The European Bank for Reconstruction and Development (EBRD) stated on Jan. 13 that it invested a total 9.4 billion euros across 378 projects in 2016, matching its record amount set in 2015.

The top countries of EBRD investment included Turkey, Kazakhstan, Egypt, Poland and Bulgaria, while spending in Ukraine dropped sharply. 

The EBRD stepped up its financing in local currencies with 93 local currency projects in 2016 compared with 80 a year earlier. It also maintained a strong level of investment in small businesses that are seen as key to ensuring underlying economic strength and providing job opportunities, according to the statement. 

The EBRD increased the number of its projects in the least advanced transition countries to 114 in 2016 from 102 a year earlier, it added. 

In Turkey, the bank said it focuses on investing in energy efficiency and renewable energy and supporting energy sector reforms, improving the quality of infrastructure with the participation of the private sector, scaling up private sector competitiveness through innovation and improved corporate governance, promoting regional and youth inclusion, promoting gender equality to support long-term growth potential, and deepening capital and local currency markets.