Our Mission is to further the objectives of the European Union by making long-term finance available for sound investment.
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The EIB attaches great importance to engaging with civil society and building cooperative relations with its representatives.
The EIB has been at the forefront of investment in Turkey since the mid 1960s and remains committed to working with public and private sector promoters in the future. The EIB's mission is to support the country's economic development as Turkey moves towards integration into the EU.
Total lending in the country as of December 2009, stands at EUR 2.6 billion, which was of the same order as the all-time high of 2008. The high level of activity was mainly driven by the need to counter the world-wide financial crisis and its impact.
In the last two years, the EIB has reacted fast to support the Turkish economy by increased lending - an additional volume of EUR 500m p.a. beyond the "normal" level of some EUR 2bn - and by strengthening especially the SME sector in the country.
Outlook for accession
EU Accession negotiations with Turkey began in October 2005. Against this background, the Bank will step-up its activity in terms of volume and, more importantly, in terms of sectors covered and instruments utilized. Reaffirming EIB support for the accession process, the Bank is currently preparing projects in Turkey in the following areas: support to SMEs, energy, earthquake risk mitigation, transport and environment.
In 2009, the EIB provided EUR 1.5bn (57% of its overall annual lending in Turkey) to support SMEs and small and medium infrastructure investments to be carried out by private or public bodies, as well as beneficiaries of any size. Financing was for investments in the fields of industry, tourism, services, knowledge economy, energy and environmental protection in Turkey.
Efficient infrastructure in transport, energy and environment is key to the development and prosperity of Turkey and its accession process to the European Union. In 2009, the EIB provided with a total of EUR 460m support for developing the country energy potential. In renewable energy production, the EIB financed, along with other multilaterals the Osmaniye Windfarm, which is the largest project in this sector in Turkey. This loan with Zorlu Rotor Elektrik received the distinction of being nominated European Onshore Wind Project Deal of the Year by Finance Magazine.
Since the start of its activity in Turkey in 1965, the EIB has paid special attention to transport in the country, due to its large territory and multipolar economic activity centres. In 2009, the EIB extended EUR 293m (11% of overall EIB lending in Turkey in 2009) in favour of the country's main transport corridor between Ankara and Istanbul. This new loan brought total EIB funding for the project to EUR 850m. This flagship project was first financed by the EIB in 2006 and aims at building the country's first high speed railway between the country’s two largest cities.
As a public institution with a development remit, the EIB has been financing projects in Turkey since 1965. During more than 40 years’ experience in Turkey, the EIB has invested some Eur 10bn throughout all key sectors of the country’s economy.
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