The European Bank for Reconstruction and Development (EBRD) is to make Turkey its second biggest investment destination after Russia next year.
Plans are afoot for EBRD to invest at least one billion euros in Turkey in 2013, influenced by the country’s prospering economy and demand for financing to further propel growth.
‘The Turkish government and private companies have been investing heavily in transport, health services and energy, but are seeking new sources of funding for big-ticket infrastructure projects’, said EBRD President Suma Chakrabarti.
‘There’s demand beyond a billion a year, the pipeline is strong and growing’, he added, noting Turkey’s fast developing renewable energy and agribusiness sectors as key areas.
Since 2009, EBRD has invested around two billion euros in Turkey, more recently supplying Turk Telecom with a 100 million euro loan to support its broadband infrastructure.
Meanwhile, Asian markets are also seeking to cash in on Turkey’s prosperity. Speaking at a recent press conference, the CEO of Korea Exchange Bank (KEB), South Korea’s largest bank, indicated it was considering branching into Turkey. It would be the first bank from South Korea to do so.
With global corporates abound looking to Turkey as an important emerging market, Suleyman Akbay, MD of Turkey Property Specialists, Oceanwide Properties, comments: ‘Turkey’s current economic picture provides yet more satisfying info for overseas property investors seeking sound locations in which to place their money. However, with Turkey property prices demonstrating increasing growth, an investment sooner rather than later is advisable in order to achieve the greatest return. ‘
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[Source: Hurriyet Daily News and Invest in Turkey]