European bank to invest about €1B in Turkey in 2019

The European Bank for Reconstruction and Development (EBRD) plans to invest €1 billion ($1.14 billion) in Turkey in 2019, a top official said.

In an exclusive interview with Anadolu Agency, Arvid Tuerkner, managing director of EBRD in Turkey, said: "2018 has been a challenging year, a year of geopolitical tensions, economic slowdown, dramatic currency depreciation, waning investor sentiment, but the EBRD maintained a strong commitment to the Turkish economy.

"The Bank invested €1 billion in 34 projects in Turkey in 2018....as for 2019 we aim to maintain the same level of investment...about a billion euros."

He added that the bank had also increased it's support for local currency financing in Turkey to a third of its total investment in the country.

"In a significant increase from €228.8 million in 2017, we extended the Turkish lira equivalent of €331 million in 13 transaction with Turkish companies last year," he added.

Tuerkner said that EBRD this year will particularly focus on export-driven industries and agriculture in Turkey.

He also praised Turkey's strong economic fundamentals and young demographics.

"Despite the turbulence, Turkey's strong fundamentals are still there. Its strategic geographical location is not only a boon for trade -- the country's great climate and culture also makes Turkey a wonderful tourist destination. I think the country has high expectations for tourism revival this year."