The financing provided by the European Bank for Reconstruction and Development (EBRD) to Türkiye climbed to a new record high of 2.48 billion euros ($2.7 billion) in 2023, boosted by the lender's response in the wake of a pair of powerful earthquakes that struck the country's southeastern region in February.
The EBRD's financing for Türkiye last year increased from 1.63 billion euros in 2022 and 2 billion euros a year earlier, according to a statement on Thursday.
Türkiye received the largest volume of investment in the EBRD's portfolio in 2023 for the fourth consecutive year.
On Feb. 6, 2023, more than 50,000 people in Türkiye and Syria were killed by two earthquakes with magnitudes 7.7 and 7.6, which hit 11 provinces in Türkiye’s southeastern region, home to about 14 million people.
"The EBRD remained committed to the country and, in addition to maintaining its usual priorities, was swift to deploy a comprehensive earthquake response plan aimed at preserving jobs, livelihoods and human capital in the affected region," said Arvid Tuerkner, EBRD managing director for Türkiye.
Tuerkner pledged that the bank would continue contributing to Türkiye's reconstruction efforts and the economy in the years to come.
In March 2023, the EBRD announced a multiyear 1.5 billion euro investment plan for quake-hit southern Türkiye to support the recovery, reconstruction and reintegration of the region’s economy to preserve human capital, livelihoods and jobs in the affected cities.
The bank provided 600 million euros in credit lines to local lenders for businesses and individuals directly affected by the earthquakes, as well as new lending to companies participating in recovery and reconstruction efforts in the area.
More than 800 million euros have already been made available as part of the earthquake response plan.
Green financing accounted for 58% of the bank's total investment last year, noted the statement.
"It was also a significant year for green and gender-related projects in the country," said Tuerkner.
The bank financed 48 projects in Türkiye last year, with 91% of the investments contributing to the country’s private sector.
The EBRD is one of the key investors in Türkiye, with more than 19 billion euros invested across 439 projects and trade facilitation lines since 2009.