The European Bank for Reconstruction and Development’s (EBRD) investment in Turkey reached a record level of 2 billion euros ($2.23 billion) in 2021, a statement by the lender said Thursday.
The EBRD said more than 85% of the bank’s financing was allocated to the private sector, and 55% was to projects that support sustainability.
The record investment of 2 billion euros was made in Turkey in 2021 to support the recovery of the private sector and the transition to a “green” economy after the initial shock of the pandemic, the statement noted.
In addition to the lender’s own financing, the EBRD offered 572 million euros from other sources last year, it added.
EBRD Turkey Director Arvid Tuerkner, whose views were included in the bank’s statement, said that the lender is focused on preserving its economic development gains in difficult times and creating opportunities for Turkey’s environmental and inclusive economic recovery from the COVID-19 pandemic.
Tuerkner added that Turkey’s ratification of the Paris Agreement will pave the way for more environmentally friendly investments.