LOC23:42
20:42 GMT
ANKARA, Jan 22 (KUNA) -- The European Bank for Reconstruction and Development (EBRD) Chief Executive Arvid Tuerkner announced on Tuesday that the bank will invest USD 1.14 billion in export-oriented industries and agriculture in Turkey.
"Last year saw many challenges, geopolitical tensions, economic slowdown, a significant devaluation of the Turkish currency and a decline in investor sentiment, but the bank has maintained its strong commitment to the Turkish economy," Tuerkner said according to Turkish News Agency (Anadolu).
Tuerkner noted that the European bank also invested USD 1.4 billion last year in 34 projects, adding that the bank has increased its support for the Turkish lira, which recorded a decline in comparison to last August in the amount of 7.40 per US dollar to one third of the total investment in Turkey.
The strong fundamentals of investment still exist in Turkey, in addition to its geographical location, which makes it a commercial and tourism destination due to its climate and culture, he added. (end)
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