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EBRD maintains support to Turkey’s economy, currency in 2018

EBRD maintains support to Turkey’s economy, currency in 2018

Mubasher: The European Bank for Reconstruction and Development (EBRD) has increased its local currency financing in Turkey, proving its willingness to support emerging economies.

EBRD’s local currency financing in Turkey went up to EUR 331 million in 2018, compared to EUR 228.8 million, a year earlier.

“At a time of high volatility in the lira, the right financing mix, including local currency financing, is critical for Turkish companies. Deepening local capital and currency markets – through investments and support for reform – remains among our top priorities in Turkey,” EBRD’s managing director—Turkey, Arvid Tuerkner, commented.

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Since the beginning of 2018, the lira lost around 40% of its value against the USD due to geopolitical tensions, demoralised investors, and the tightening of monetary policy, the EBRD said in a statement.

The bank has been focusing on a variety of project aimed at improving the quality of life for Turkish people, including the provision of EUR 80 million loan for the construction of a new metro line.

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“More than half of the EBRD’s 2018 investment in Turkey was in support of sustainable use of energy. The financing is a step to help Turkey reduce primary energy consumption by 14% by 2023,” the bank stated.