Top EBRD delegation to visit Turkey to discuss investment priorities

ISTANBUL

European Bank for Reconstruction and Development's President Suma Chakrabarti. REUTERS Photo

A senior delegation from the European Bank for Reconstruction and Development (EBRD), led by President Sir Suma Chakrabarti, will visit Turkey on Feb. 19-20 to discuss the bank’s investment priorities in Turkey with senior government officials, members of the business community and civil society organizations.

Meetings in both Ankara and Istanbul will reinforce the strong commitment of the EBRD to support the Turkish economy and the country’s economic reforms, the EBRD said in a written statement Feb. 17.

Chakrabarti will hold talks with Deputy Prime Minister Ali Babacan and Development Minister Cevdet Yılmaz in Ankara. He will also meet members of civil society in the capital city and discuss investment with the CEOs of leading Turkish businesses, including banking groups, in both Ankara and Istanbul, the bank stated.

The EBRD, established initially to help Central and Eastern Europe, as well as the former Soviet Union countries, to develop well-functioning market economies, started investing in Turkey in 2009. It currently operates from offices in Istanbul, Ankara and Gaziantep.

In 2014, Turkey became the leading recipient country of the EBRD, with new investments worth 1.4 billion euros.

In six years, the EBRD has invested over 5 billion euros in Turkey over 140 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilized over 12 billion euros for these ventures from other sources of financing.

“The EBRD is a strong and reliable partner for Turkey. The country is showing clear signs of growth after what have been particularly challenging years. The EBRD remains committed to helping Turkish businesses and the economy to grow further and will continue supporting economic reforms as a prerequisite for sustained growth,” said Chakrabarti ahead his visit.

According to EBRD economists, Turkey is expected to see growth of 3 percent in 2015, supported by potential monetary easing and a lower bill for oil imports.

During his visit, Chakrabarti will also introduce a new senior management team to be based in Istanbul, read the statement.

The EBRD has created the position of Managing Director for Turkey and Central Asia and has appointed Natalia Khanjenkova, formerly Managing Director for Russia, to the new post. This is the first time that a Managing Director has been based in Istanbul, underscoring Turkey’s importance for the EBRD and the role of Istanbul as a hub for EBRD operations, the bank said.

Khanjenkova will assume the post on April 1, 2015.