The European Bank for Reconstruction and Development (EBRD) has established cooperation with leading companies in Turkey, such as Rönesans Holding, Nef, Arçelik, Yapı Kredi, Garanti, İş Bankası and Migros, in recent years, expanding its investments in the country to more than 11 billion euros ($12.35 billion).
The EBRD, with 67 country partners from five continents and a balance sheet of 55 billion euros, has been expanding its cooperation with Turkey's leading companies, with industry-leading companies in the forefront. The bank invested 1 billion euros in 34 projects in various industries in Turkey in 2018 and it plans to invest the same amount this year. The bank last year increased its support for local currency financing in Turkey to a third of its total investment in the country.
Known for its investments in companies with high and sustainable growth performance and in companies with strong financial structures around the world, the EBRD has an investment portfolio in Turkey amounting to 7 billion euros, the largest portfolio among the 38 economies where the bank invests. The most important part of this portfolio is industry, trade and agriculture with a 32 percent share, followed by financial institutions with 28 percent, infrastructure with 22 percent and energy with 19 percent.
Since 2009, the EBRD has invested more than 11 billion euros in some 283 projects in Turkey. Among these are top reputable and innovative companies. The bank made its latest investment in the Turkish e-commerce platform modanisa.com, one of the emerging brands in Turkey, as well as signing a loan agreement of TL 1 billion with one of the country's leading consumer appliance brands Arçelik, a subsidiary of Koç Holding, to finance development and manufacturing of more energy-saving home appliances. Previously, it had signed important financial cooperation agreements with the leading banks of Turkey, such as Garanti Bank, Yapı Kredi, İş Bankası and Fibabanka. Throughout this process, the EBRD has also brought a number of innovations, such as signing a partnership agreement to produce real estate for the first time in the world and establishing Nef-EBRD Real Estate Development Inc. with capital of $120 million. The partnership will bring Nef-branded housing projects and Novu-branded student hostels to Istanbul and various cities in Anatolia in the upcoming period. Within the scope of the partnership, the two parties will implement Nef's unique housing concepts for the growing middle class in Turkey, with a contribution of $60 million each. In addition to this capital, the total investment amount will exceed $600 million with project-based financing.