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    Turkey applies for full membership in European Bank

    Anatolian Agency
    05.05.2008 - 11:27 | Son Güncelleme:

    Turkey has officially applied for full membership at the European Bank for Reconstruction and Development (EBRD).

    Turkey's application will be discussed at the Executive Board meeting of the EBRD in June and is expected to be approved. Following its full membership in the EBRD, Turkey will be able to provide new loans for the private sector.

    The EBRD was established in 1991 when communism was crumbling in central and eastern Europe and ex-soviet countries needed support to nurture a new private sector in a democratic environment. Today, the EBRD uses the tools of investment to help build market economies and democracies in countries from central Europe to central Asia.

    The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. It is owned by 61 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.

     

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