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    EBRD to transfer $600 mln to Turkey until 2010

    Anatolian Agency
    29.10.2008 - 15:39 | Son Güncelleme:

    European Bank for Reconstruction and Development (EBRD) plans to provide Turkey with investments worth $600 million by 2010, following the bank's decision to accept Turkey as a recipient of institution's investments.

    EBRD will support growth of local private enterprises and shore up economic stability, the bank said in statement on Wednesday.


    Turkey represents the second largest economy and its further growth will be of crucial importance for the countries in the Balkans, the Caucasus and Central Asia, where the Bank already operates, EBRD said in the statement.


    "The decision to add Turkey to this group comes at a time of global financial turmoil when institutional support is seen as key for the safety and stability of national economies. The EBRD will support the further development of Turkey's private sector and particularly focus on financing small and medium-sized companies that may come under pressure from the current financial market turbulence and economic slowdown," it added.


    Turkey was a founding shareholder of the EBRD in 1991. It applied to become a recipient of investments by the Bank in April 2008, saying the EBRD could contribute to the development of a wide range of sectors in its own economy
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