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Turkey Became The Largest Recipient Of Ebrd Financing
Turkey became the largest individual recipient of the European Bank for Reconstruction and Development (EBRD) financing in 2014, after the bank minimised financing Russia due to the EU-US embargo on the country over Ukraine crisis. "Turkey, where the EBRD has been active for only five years, became the largest individual recipient of EBRD financing. Investments rose to 1.4 billion euros euros from 920 million euros euros in the previous year" EBRD said in a statement. "The Bank opened a third office in the country, in the south-eastern city of Gaziantep in response to demand for EBRD funding outside large metropolitan areas" the EBRD added. The rise in EBRD financing to 8.9 billion euros from 8.5 billion euros in 2013 came despite a sharp fall in its investments in Russia following guidance from shareholders in July that they would, for the time being, consider no new projects in the country, the EBRD said in the statement. "Financing for Russia accounted for just seven per cent of the total last year, with investments falling to slightly over 600 million euros from 1.8 billion euros in 2013" it said. As a result the Bank had been able to invest more strongly in other countries that it serves. "Demand is expected to remain high in 2015 with investments roughly in line with 2014 levels" EBRD said. The EBRD had responded to a request to apply its private sector expertise in helping Cyprus emerge from a severe crisis, the EBRD said. "Its first investment was the acquisition of a stake in the country's largest bank, Bank of Cyprus. The EBRD opened an office in Cyprus in December." The EBRD's investments had increased in 2014 as emerging economies continued to suffer due to events surrounding Russia and Ukraine, a stubborn lack of recovery in the eurozone and the global market turbulence that erupted towards the end of the year. At the same time, the Bank was working with other multilateral development banks to help shape the post-2015 development agenda.
Turkey became the largest individual recipient of the European Bank for Reconstruction and Development (EBRD) financing in 2014, after the bank minimised financing Russia due to the EU-US embargo on the country over Ukraine crisis.
"Turkey, where the EBRD has been active for only five years, became the largest individual recipient of EBRD financing. Investments rose to 1.4 billion euros euros from 920 million euros euros in the previous year" EBRD said in a statement.
"The Bank opened a third office in the country, in the south-eastern city of Gaziantep in response to demand for EBRD funding outside large metropolitan areas" the EBRD added.
The rise in EBRD financing to 8.9 billion euros from 8.5 billion euros in 2013 came despite a sharp fall in its investments in Russia following guidance from shareholders in July that they would, for the time being, consider no new projects in the country, the EBRD said in the statement.
"Financing for Russia accounted for just seven per cent of the total last year, with investments falling to slightly over 600 million euros from 1.8 billion euros in 2013" it said.
As a result the Bank had been able to invest more strongly in other countries that it serves. "Demand is expected to remain high in 2015 with investments roughly in line with 2014 levels" EBRD said.
The EBRD had responded to a request to apply its private sector expertise in helping Cyprus emerge from a severe crisis, the EBRD said. "Its first investment was the acquisition of a stake in the country's largest bank, Bank of Cyprus. The EBRD opened an office in Cyprus in December."
The EBRD's investments had increased in 2014 as emerging economies continued to suffer due to events surrounding Russia and Ukraine, a stubborn lack of recovery in the eurozone and the global market turbulence that erupted towards the end of the year.
At the same time, the Bank was working with other multilateral development banks to help shape the post-2015 development agenda. The EBRD aimed in particular to mobilise private finance that can help deliver the UN's Strategic Development Goals, said in the statement. - Istanbul
