3 May 2012: The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new investment strategy for Turkey for the next three years.

Since 2009, EBRD has invested more than €1.5 billion in over 50 projects in Turkey, mostly supporting small and medium-sized private companies in remote areas of the country. While keeping an office in Istanbul, the Bank will also open a new office in Ankara in May 2012, aimed at supporting the public-private sector dialogue on renewable energy, food security and capital market development.

With its new investment strategy, EBRD plans to invest in: developing sustainable energy; promoting the development of mid-sized corporations in underdeveloped regions; enhancing the competitiveness of Turkish industry; supporting privatisation; promoting market approaches toward investment in municipal infrastructure; and supporting women’s entrepreneurship.

EBRD also plans to support Turkey’s economic integration with Europe and closer economic and trade ties with the southern and eastern Mediterranean countries. [EBRD News]