THE EBRD IN Results snapshot 2015-20

Overview In numbers 2009-20 2015-20 The EBRD has been investing in Turkey since 2009. The Bank’s Turkish portfolio has rapidly become one of the largest of the 38 economies in which we invest. Between €12.9 billion €8.0 billion 2015 and 2020 alone, we invested a total of €8 billion in Turkey, with a strategic focus Net cumulative investment* on: 334 194 ► innovation, productivity and small and medium-sized enterprises (SMEs) Number of projects ► a resilient financial sector ► energy efficiency and renewable energy 95% ► sustainable infrastructure Private-sector of cumulative investment ► regional and youth economic inclusion and gender equality.

In response to the Covid-19 crisis, in 2020 the Bank signed projects in the value of €6.2 billion €4.1billion €420 million to support international trade flows, help firms and authorities to weather Green economy financing commitments the shock and continue investments in key infrastructure and services. The Bank will continue to work in these strategic areas, with an increased focus on good governance, €2.4 billion €1.6 billion capital and financial-market development and regional energy connectivity. Volume of co-financing directly mobilised

* of all EBRD commitments less their sale or cancellations Our policy engagement Resilient financial markets ► Healthcare public-private partnerships (PPPs) Highlights of We invested in Turkey’s first ever euro ► Energy efficiency covered bond for the first Turkish lira (TRY) ► Environmental and social compliance in money-market transaction. We supported our results renewables improvements in bondholder rights on the Turkish capital markets. We supported the ► Agriculture subsidies Greener energy mix creation of the Turkish Lira Overnight ► Non-performing loans resolution Reference Rate (TLREF) benchmark and ► Technical and vocational education Our investments contributed to linked products, including the inaugural growing solar, wind and geothermal TLREF overnight index swap. ► Support for refugees energy capacity. Our investment ► Innovation ecosystem projects reduced CO emissions 2 ► Transparency of capital markets equivalent to removing 4 per cent of Women's entrepreneurship ► Health and safety within the electricity the cars in circulation in Turkey. The EBRD Women in Business programme and distribution sectors disbursed 16,840 loans to Turkish women More productive SMEs entrepreneurs (66 per cent outside the three major ► Management of the environmental and cities). Forty-one per cent of sub- borrowers were social risks of geothermal projects Seventy-nine per cent of SMEs advised by the EBRD grew their turnover (to a start-ups or first-time borrowers. Seventy-eight ► Crowdfunding regulatory reform total €721 million) and 70 per cent per cent of advisory clients reported a turnover became more productive. increase and 47 per cent increased their employees. More than 2,500 women received > Read the latest country business diagnostics through the strategy for Turkey: Data refer to 2015-20 unless otherwise specified. programme. www.ebrd.com/turkey We seek to help countries Turkey in context transition towards democratic and sustainable market economies. We The EBRD’s Transition Report observes that, as the Covid-19 pandemic spread around the finance projects that strengthen the globe, Turkey was one of the hardest-hit economies of those where the Bank invests. The private sector in economies coronavirus pandemic led to a near 10 per cent contraction in gross domestic product undergoing transition to a well- (GDP) in the second quarter of 2020, before a state-driven credit boom prompted 6.7 per functioning market system. Our cent growth in the third quarter, setting the stage for Turkish economic growth to end the investment decisions are guided by year in positive territory. six “transition qualities”, which Structural reforms need to be prioritised, including to improve the competitiveness of the focus on making economies private sector and reinvigorate the labour market by promoting regional, gender and youth competitive, well-governed, green, inclusion. inclusive, resilient and integrated.

EBRD diagnostics reveal inequalities and regional disparities in the labour market, as well For more detail on our as low energy efficiency. Turkey needs to tackle these issues, as well as low productivity transition qualities visit and weak education and innovation systems, to improve its competitiveness and transition www.ebrd.com/qualities to a high-income economy. The key obstacles identified in the recent EBRD Enterprise Survey are access to finance, competition from informal firms, political instability and tax 1 rates. The Turkish economy is less “green” than advanced Organisation for Economic EBRD score, 2020 Cooperation and Development (OECD) economies, due to its lower energy efficiency. (1-worst, 10-best) Lastly, Turkey's financial-sector resilience could also be strengthened. Competitive Green

Inclusive

Integrated

Key economic indicators Turkey OECD Resilient comparators2 Well-governed

2015 2020 2020 0 2 4 6 8 10 GDP per capita, PPP (current international dollars) 26,015 28,167 47,632 Turkey OECD comparators Unemployment, total (% of total labour 10.2 13.2 5.8 force) (modelled ILO estimate) Unemployment, youth total (% of total labour 18.1 23.2 12.5 force aged 15-24) (modelled ILO estimate) EBRD investment 2015-20 € million Number Labour force participation rate, female (% of 60 female population aged 15-64) (modelled ILO 34.8 38.3 68.8 estimate) 50 2,000 Electricity production from renewable sources, 6.3 16.0 11.3 excluding hydroelectric (% of total) 40 1,500

30 Our approach and operational delivery 1,000 20 The EBRD supports private-sector development through a combination of investment, 500 policy dialogue and technical assistance. We offer a range of financial instruments, both 10 directly and through partner financial institutions. We provide advisory services and 0 0 technical assistance to help improve client capacity. We engage on policy with a range of 2015 2016 2017 2018 2019 2020 Annual business Number of projects actors to create favourable conditions for sustainable economic growth. investment Despite political and market turbulence in recent years, the EBRD achieved record business Portfolio by sector levels in Turkey, with its diversified portfolio doubling in size between 2015 and 2020. Turkey had the highest drawdown ratio of all the economies in which the Bank invests. Sustainable infrastructure, 41% Almost all of the EBRD’s investments in Turkey are in the private sector, with a strong focus on sustainable infrastructure and resource efficiency. The country’s renewable energy sector has grown significantly in the past few years and remains a priority for EBRD investment and policy work. The Bank has a strong refugee crisis response in Turkey, too, with infrastructure investment, credit lines and vocational training opportunities. In addition, the Bank catalyses high levels of donor finance. In 2018, Turkey also became a donor country, signing its first ever bilateral donor agreement with an international financial institution, when it provided €25 million to co-finance socially important EBRD-led projects. The Bank continues to support the resilience of the private sector and SME Industry, commerce Financial institutions, growth, including through its Covid-19 Solidarity Package. and agribusiness, 27% 32%

1 For details see https://www.ebrd.com/economic-research-and-data/transition-qualities-asses.html 2 OECD comparators are a simple average of eight OECD countries: Canada, the United States of America, Data relate to EBRD activities in Turkey between the United Kingdom, Sweden, France, Germany, Japan and the Czech Republic. 2015 and 2020 unless otherwise specified. Turkiye Sinai Kalkinma Bankasi THE EBRD IN TURKEY

Related SDGs Resilient financial sector 2015-20

EBRD score Turkey’s local capital markets remain fragile, also because of the Covid-19 (1-worst, 10-best) pandemic. Low savings rates have led to a reliance on foreign capital and, thus, economic vulnerability. The high net foreign currency exposure of the corporate sector, at 20 per cent of GDP, poses a risk in light of the volatility of Financial the Turkish lira (TRY). Access to finance remains an issue, especially for resilience SMEs. Lastly, despite positive steps to improve financial-sector resilience, Stock market rising corporate non-performing loans (NPLs) have not been addressed in capitalisation certain sectors (such as energy, real estate and construction). Together with Risk management and corporate the volatile TRY, this puts further stress on the already strained local banking governance system. 0 2 4 6 8 10

Turkey OECD comparators

How we work In numbers Quick links > Local currency and capital markets The EBRD supports efforts to strengthen €2.9 billion development the resilience of the financial sector, Net cumulative investment in local including through the Local Currency and banks and financial institutions > TRY Corporate Bond Framework Local Capital Markets Initiative and the > SME Local Currency Programme. We €1.1 billion Trade Facilitation Programme combine investment support and policy Equity and quasi-equity investments dialogue to improve banking sector capacity for NPL resolution and to support the €1.3 billion deepening of capital markets through the Financing provided in local currency TRY Corporate Bond Framework and policy engagement with the Turkish authorities. Our Trade Facilitation Programme (TFP) enables international trade by providing local banks with The EBRD developed the TRY guarantees to cover political and Corporate Bond Framework, which commercial payment risk. helped to expand the average maturity of Turkey’s corporate bond market.

Data relate to EBRD activities in Turkey between 2015 and 2020. Achievements and results: A resilient financial sector

We contributed to stronger Capital market development financial markets, by: The EBRD supported five initial public ► strengthening the resilience of banks offerings and eight TRY corporate bond through support for NPL resolution issues. With the support of the EBRD, the (for example, by subscribing to Capital Markets Board adopted and TRY-denominated bonds with NPL published its inaugural report on corporate asset manager Hayat or through policy governance disclosures by companies listed dialogue to stimulate NPL sales on the BIST. The report was based on the Read how the EBRD supported markets) EBRD-supported reporting framework for the growth of a Turkish grocer listed companies. ► advising financial authorities, by investing in the company, regulators and the Borsa in one of the largest initial (BIST) on the creation of the TLREF, Improved transparency public offerings on the BIST the new TRY risk-free rate The EBRD supported improvements in the disclosure and transparency of Turkish ► supporting the development of capital markets. interest-rate risk management instruments by participating in TLREF-linked overnight index swaps First ever listing on the London ► working with the Capital Markets Board to develop legislation for equity- As a shareholder, we supported the first ever based crowdfunding (regulating the IPO of a Turkish company (Global Ports) on establishment, administration and the . The EBRD oversight of crowdfunding platforms). nominated a member of the board of Global Ports and helped advance the company’s corporate governance, making it more We helped to broaden sources of competitive, both in Turkey and abroad, and financing for local business by: better prepared for the IPO. ► supporting tthe viability of local- currency bond financing through investments in corporate bond issues Innovative financial products (such as Enerijsa, Dogus, YDA and The EBRD invested in Turkey’s first euro Ronesans) covered bond. Read about the first TLREF loan ever, to ► introducing new capital-market Support for financial Enerjisa. Under the loan agreement the instruments, such as an inflation-linked EBRD and Enerjisa Enerji will also bond for Turkey’s largest utility group benchmarks cooperate to advance equal opportunities We supported the development of the in the power sector, ► providing financing in local currency TLREF by advising regulators and Borsa a focus on supporting (up to one-third of all EBRD İstanbul. We executed the first ever with women’s access investments in some years), supporting overnight index swap indexed to the TLREF. to employment in the the Turkish lira when currency Prior to this, we invested in inflation-linked sector. volatility affected many firms bonds and TRLIBOR bonds and loans.

► supporting local infrastructure projects with international issuance through an Trade finance innovative PPP scheme (for example, During the Covid-19 pandemic, we provided the Elazig PPP hospital Eurobond) financial support to enable companies to pursue foreign trade amid high economic ► providing a financial lifeline to Turkish uncertainty. businesses and municipalities affected by the Covid-19 pandemic with credit lines provided via partner financial institutions

► promoting international trade affected by the pandemic by providing trade financing to eight partner banks.

Data relate to EBRD activities in Turkey between 2015 and 2020. Small business, Izmir THE EBRD IN TURKEY

Related SDGs

Innovation, productivity and SMEs 2015-20

EBRD score SMEs play a substantial role in the Turkish economy, but remain relatively (1-worst, 10-best) unproductive. Access to finance, limited skills and weak corporate governance prevent many mature SMEs from expanding. While Turkey’s ability to build a productive economy has improved in recent years, research and development EBRD Knowledge Economy index (R&D) and innovation remain modest and more incentives are needed to promote the adoption of the latest technology. Moreover, Turkey’s participation in global EBRD SME index value chains remains below potential for reasons including its relatively high tariff protection in the agriculture sector. While global value chains are gradually Economic Complexity expanding due to the expansion of manufacturing into more complex areas, more index needs to be done to fully avail of the potential of local business. 0 2 4 6 8 10

Turkey OECD comparators

How we work In numbers Quick links > Advice for Small Businesses The EBRD aims to promote SMEs, €1.1 billion productivity and innovation through a > Small Business Initiative Net cumulative investment in number of programmes, such as the SMEs > EBRD Knowledge Knowledge Economy Initiative, the Small Economy Initiative Business Initiative and the Venture €21.7 million Capital Investment Programme. In > Venture Capital addition to financing, our SME support Net cumulative investment in seven local Investment Programme start-ups through the EBRD Venture includes the Advice for Small Businesses Capital Investment Programme > Blue Ribbon programme (ASB) programme, which focuses on improving corporate governance, €1.4 billion Within the Small Business sustainability standards and operating In loans disbursed to SMEs by EBRD practices. In 2017, we launched the Blue partner institutions Initiative, we provide Ribbon programme, which focuses on finance and business advice advisory services for a select group of to help SMEs grow, SMEs. The EBRD also actively promotes succeed, then grow again, policy reforms towards a regulatory becoming genuine catalysts framework that fosters corporate for their local economies competitiveness and economic growth. and region.

Data relate to EBRD activities in Turkey between 2015 and 2020. Achievements and results: Innovation, productivity and SMEs

The EBRD supported innovation for private-sector development by: ► financing corporate investment in More innovation innovation and R&D, company- EBRD projects contributed to the 20 per university partnerships and global value- cent increase in Turkey’s total gross chain integration, including in the domestic spending on R&D between 2015 automotive and electronics sectors (for and 2020. example, Elektronik) Better governance Read how the EBRD helped ► providing policy advice on innovation, for the leading Turkish seed The government accepted EBRD advice to company, May Seed, expand example, to the Ministry of Industry and establish a designated project management Technology to promote innovation in its operations and R&D office for innovative products in capacity. competitive sectors competitive sectors.

► supporting foreign investment by global companies in local private equity funds (such as Turkven) and providing seed and growth capital (for instance, to Earlybird).

The Bank promoted better standards, SME growth skills and business development, Fifty per cent of SMEs advised by the particularly for SMEs, by: EBRD hired more people. In total, 3,500 new jobs were created.* ► stepping up skills transfer to producers through cutting-edge, high-density agricultural projects (such as Anatolian More exports Orchards and Peyman) Thirty-four per cent of SMEs advised by the EBRD grew their exports. In total, the Read how an EBRD loan has ► advising businesses on better financing Bank's advisory services contributed to boosted growth for Turkey’s control and certification practices (such €150 million of new exports.* as Anadolu Etap in agribusiness) or Anadolu Etap agribusiness company. health, safety and environmental management (for example, Eti Higher productivity Aluminium) Seventy percent of SMEs advised by the EBRD became more productive.*

► providing 565 advisory projects to SMEs across the country through the ABS Higher turnover programme. Seventy-nine percent of SMEs advised by the EBRD increased their turnover. In total, the Bank's advisory services contributed to €721 million of additional turnover.*

*within a year after the advisory project ended. Data relate to EBRD activities in Turkey between 2015 and 2020. Kocalar wind farm, Canakkale

THE EBRD IN TURKEY

Related SDGs

Energy efficiency and renewable energy 2015-20

EBRD score Turkey has large energy investment needs. The country has the highest growth in (1-worst, 10-best) energy demand of all OECD countries (5 per cent per year), but its energy efficiency is low. Turkey made significant progress from 2015 to 2020, doubling its energy from renewable sources. It has also made good progress on solar Annual exposure energy efficiency, but its dependency on coal remains high. In terms of “green to PM 2.5 quality”, Turkey ranks just 21st out of the 38 economies in which the EBRD Electricity production invests. There is significant energy efficiency potential across all sectors of the from renewables economy, including in buildings. The National Energy Efficiency Action Plan CO2 emissions (NEEAP) 2017-2023 aims to reduce Turkey's primary energy consumption by 14 from transport per cent by 2023. 0 2 4 6 8 10

Turkey OECD comparators

How we work In numbers Quick links > Green Economy Transition The EBRD supports the green transition €4.1 billion through investment and policy dialogue > Residential Energy Efficiency Green economy financing Financing Facility (TuREEF) to build low-carbon and resilient commitments economies. The approach takes into > Green Economy Financing account the context of Covid-19, Facility (GEFF) highlighting areas of opportunity to €1.0 billion Net cumulative EBRD > Energy Financing Facility support a green recovery. investment in the energy (TurSEFF) For example, the EBRD Green Economy sector Financing Facility (GEFF) combines technical knowledge with finance to The TuREEFF is a programme help clients invest in high-performing developed by the EBRD and technologies. The Bank also provides supported by the Clean Technology credit lines, such as the Residential Fund and the European Union (EU), Energy Efficiency Financing Facility which aims to provide finance to (TuREEF), the Mid-Size Sustainable residential consumers who wish to Energy Financing Facility (MidSEFF) invest in energy-efficiency projects in and the Sustainable Energy Financing their homes. Facility (TurSEFF).

Data relate to EBRD activities in Turkey between 2015 and 2020.

Data relate to EBRD activities in Turkey between 2015Data and relate 2020. to EBRD activities in Turkey between 2015 and 2020. Achievements and results: Energy efficiency and renewable energy

The Bank helped to increase renewable energy's share of the fuel mix by: Greener energy mix EBRD investments in Turkey’s ► supporting renewable energy projects geothermal capacity contributed to the (with a total value of €9 billion), doubling of the country’s geothermal including financing a number of wind production between 2015 and 2020. farms and solar power plants More wind energy ► investing in one of the largest geothermal power plants in the world, capacity See how the EBRD, the which alone increased Turkey’s In 2018, Turkey’s wind capacity Asian Infrastructure geothermal capacity by 30 per cent increased by 8 per cent on the year, Investment Bank and the with the EBRD financing half of its Black Sea Trade and newly installed capacity. ► assisting the government in developing Development Bank co- the Renewable Energy Action Plan (in financed the expansion of line with the EU’s Renewable Energy More solar energy capacity Turkey’s largest Directive) and in designing post-2020 Turkey’s solar energy production geothermal power plant. increased more than twentyfold from renewable energy support schemes 2015 to 2020, also thanks to EBRD solar based on competitive tendering and the plant projects. National Energy Efficiency Action Plan (NEEAP).

We helped to reduce energy Cleaner air intensity, waste and emissions by: EBRD investments led to an estimated ► encouraging energy efficiency through reduction of 4,300 kt of CO2 a year, credit lines and advice for banks, equivalent to taking a million cars off the homeowners and the government (such road for a year. as on the National Energy Efficiency Action Plan to reduce energy use by 14 Less waste per cent by 2023) EBRD projects helped to reduce material use by an estimated 770 kt a Watch how the EBRD year, equivalent to 2.5 per cent of ► investing in technology to improve supports industrial and annual waste generated in Turkey. energy efficiency in highly energy- commercial SMEs that plan intensive sectors, such as steel and glass to invest in energy efficiency production (for example, Şişecam and Energy saved or renewable energy projects Steel) Our investments saved 38 million GJ of through the TurSEFF. energy a year, equivalent to the annual ► supporting the local and national energy use of 900,000 households. authorities in promoting waste minimisation, including through the launch of the Near Zero Waste programme.

We promoted the efficiency of Better skills the local power sector by: The EBRD worked with clients in the ► supporting better corporate power and energy sector, resulting in governance and the privatisation of the training of more than 800 staff. state-owned companies in the power and energy sector (such as SEDAS)

► investing in green energy infrastructure with a large Turkish power company to Read about successful pursue an investment programme EBRD energy-efficiency aimed at cutting its greenhouse gas projects in Turkey. emissions.

Data relate to EBRD activities in Turkey between 2015 and 2020. Proposed bridge, Istanbul THE EBRD IN TURKEY

Related SDGs

Sustainable infrastructure 2015-20

EBRD score Turkey faces large infrastructure needs. The share of people living in urban (1-worst, 10-best) areas is expected to increase from 70 per cent in 2018 to 80 per cent by 2030. Investment is particularly required in the municipal infrastructure sector, in Electricity losses areas such as water, wastewater and public transport. At the national level, more during transmission investment (for example, in roads, railways, ports and telecommunications) is and distribution required to cement Turkey’s status as a regional transit hub to support regional International logistics convergence. Moreover, the country’s healthcare infrastructure is lagging performance behind the rise in demand and in need of both infrastructural and efficiency Non-road transport upgrades to provide better service. infrastructure

0 2 4 6 8 10

Turkey OECD comparators

How we work In numbers Quick links We focus on supporting the €2.3 billion > EBRD Green Cities commercialisation of key municipal Net cumulative EBRD investment > Infrastructure Project in sustainable infrastructure utilities and on the mobilisation of private Preparation Facility (IPPF) capital for the development of road, ports, airports, hospitals, railways and the like to €295 million reduce their dependence on public Net cumulative EBRD investment finance. We help cities to address their in the transport sector most pressing environmental challenges through targeted sustainable infrastructure investment, policy and capacity building EBRD Green Cities offers more than €2.5 through the Bank's flagship programme, billion of EBRD and donor support to EBRD Green Cities. We have also cities in the EBRD economies to address pioneered public-private partnerships for their most pressing environmental Turkish hospitals and facilities challenges through targeted investment, management services provided by the policy actions and capacity building. For private sector. eligible cities in Turkey, this includes dedicated funds from the Clean Technology Fund (CTF).

Data relate to EBRD activities in Turkey between 2015 and 2020. Achievements and results: Sustainable infrastructure We helped improve urban, water Improved transport and electricity infrastructure by: Some 130,000 daily passengers have ► increasing access to urban transport, greater access to transport via the EBRD-financed Izmir Metro. including the metros in Istanbul and Izmir and CNG* buses in Gaziantep Water efficiency ► encouraging private-sector participation EBRD projects are associated with an in the water and solid waste sector (the estimated 8 million m3 of water savings Hatay water project and Canakkale solid- every year. See how the EBRD waste PPP), and improving water, contributed to less wastewater and solid-waste facilities in a congestion and pollution Access to electricity for Izmir, Turkey’s third - number of cities Around 2.7 million people have benefited from an improved electricity largest city, by financing the ► increasing access to electricity, including grid, financed by the EBRD. expansion of its transport by financing grid expansion in Anatolia network with new, green with the International Finance and faster metro trains and Corporation and the Dutch Sustainable cities car ferries. Entrepreneurial Development Bank Izmir developed a GCAP, identifying (FMO) investments and policy actions to improve its environmental performance. The GCAP was approved by the City's ► addressing key environmental challenges Municipal Council. through a tailored Green City Action Plan (GCAP) in Izmir as part of EBRD Green Cities.

We promoted the modernisation of infrastructure by: Improved infrastructure ► improving connectivity between Around 35,000 car drivers have benefited Europe and Asia by financing the from a faster, fuel-saving commute Bosphorus tunnel in Istanbul and every day through the new EBRD-backed Bosphorus tunnel. increasing capacity in maritime logistics (for example, Izmir Ferries, AsyaPort, Tekirdag Port, Mersin Port) Value for money See how the EBRD- The EBRD’s best-practice value-for- financed Bosphorus ► helping liberalise the railway sector on money methodology, used by the Ministry tunnel transformed an ongoing basis, including advice on of Health, is being replicated across railway-sector restructuring sectors to make projects more cost Istanbul, connecting effective. Europe and Asia. ► providing financing and advice to pioneer PPPs to expand hospitals under a €950 million PPP framework.

► improving the energy efficiency of public buildings together with the Ministry of National Education.

* compressed natural gas

Data on this page relate to EBRD activities in Turkey between 2015 and 2020.

Data relate to EBRD activities in Turkey between 2015 and 2020. Women in business in

THE EBRD IN TURKEY

Related SDGs

Regional and youth economic inclusion and gender equality 2015-20

EBRD score Turkey’s economic activity is concentrated in Istanbul and the Western (1-worst, 10-best) provinces, which contribute more than 80 per cent of the country’s GDP. Regional disparities are pronounced, with a scarcity of formal jobs and limited education, in particular in the south-eastern parts of Turkey. Economic Regional economic inclusion is lagging, especially for women, youth and rural communities. The inclusion gender gap remains large and female labour-force participation (at only 31 per Gender-based economic inclusion cent) is one of the lowest in the OECD. Moreover, it is estimated that around 4 million refugees have recently settled in Turkey (with large numbers housed in Youth economic refugee camps), putting significant pressure on domestic resources. inclusion

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Turkey OECD comparators

How we work In numbers Quick links > Women in Business The EBRD promotes economic €1.6 billion opportunities for under-served groups, worth of (200) EBRD projects supporting > EBRD Inclusion Strategy including refugees, young people and economic inclusion and gender equality > Refugee Response Framework women, through the EBRD’s inclusion and gender strategies. In Turkey, we run out €146 million flagship Women in Business programme, Total financing signed through the EBRD through which we provide finance and Women in Business programme advisory services for women entrepreneurs. We also support youth and refugees through entrepreneurship and job skills training, including digital skills. Our work The EBRD Women in aligns with the Ministry of Labour and Business programme Social ’s strategic plan, which provides finance, business targets an increase in the labour-force advice, training and participation of disadvantaged groups, with mentoring to female-led job security, labour-market flexibility, and a SMEs. lowering of informal employment.

Data relate to EBRD activities in Turkey between 2015 and 2020. Achievements and results: Our case study: Women in business in Regional and youth economic inclusion and gender equality Turkey

We promoted inclusive economic opportunities, especially for women and young people, by: ► improving gender opportunities through the Women in Business Women entrepreneurs programme and by working with Almost 17,000 Women in Business loans have been disbursed, 66 per cent of them EBRD clients to attract more women outside major city regions, while more than to the energy sector 2,500 women entrepreneurs have received business diagnostics through the initiative. ► working with clients to promote training for young people (such as TUMAD Gold Mine or Tofas) Youth employment EBRD projects contributed to 550 new jobs Watch how the EBRD helped women across all ► promoting economic inclusion in for young people in Aksaray. underserved regions through Turkish provinces receive investment or training (in good Regional inclusion finance, advice, training and mentoring through agricultural practices, for example) More than 1,800 farmers in underserved regions received training on financial its flagship Women in ► implementing inclusive and safe literacy or sustainable production thanks to Business programme. infrastructure programmes, for EBRD economic inclusion programmes. instance, to improve access to healthcare and transport for women (for example, the Ronesans Healthcare PPP or Istanbul Metro)

► enhancing online learning for women entrepreneurs (for example, on crisis management in response to Covid-19).

We promoted skills and economic opportunities, including for Syrian refugees, by: ► tailoring advisory support to the needs of refugee-owned SMEs in Better skills partnership with the ETF*, Through the EBRD-supported vocational International Labour Organization, testing centre in Gaziantep, more than 500 World Bank, Chambers of Industry and Syrians and host community members Ministries of Labour and Education received training, with almost 50 per cent of them finding formal employment ► improving vocational education and afterwards. training through a public-private steering group with the Ministry of Gender-sensitive training Read how the EBRD Education and ETF launched a mentoring More than 800 staff received anti-gender- programme for Syrian ► based violence and harassment training working with the local Chambers of refugees in Turkey. Commerce to support businesses in during the Bank’s engagement with a south-eastern Turkey private-sector client.

► establishing a vocational testing centre SME growth in Gaziantep for the skills assessment The EBRD collaborated with Impact and certification of both locals and Hub (global community centre for Syrian refugees entrepreneurs) to provide a 12-month accelerator programme for 10 Syrian- ► launching “Business Development led information and communications Mentoring for Syrian-led SMEs”; 52 technology companies. Syrian-led businesses were integrated into the Turkish market.

* European Training Foundation

Data on this page relate to EBRD activities in Turkey between 2015 and 2020. Results snapshot of Turkey

Black Sea BULGARIA

GEOR Istanbul GIA

Ankara

SYRIA IRAQ

Partnerships The EBRD supports the transition process and act as a catalyst or enabler for our by combining investment with close policy investment. Donor coordination in Turkey dialogue with local and central is led by the Turkish Treasury, with the EU governments, regulators, financial delegation also organising regular donor institutions and representatives of civil meetings in Ankara. The EBRD is closely society, as well as by providing technical engaged in all of these processes and the assistance and advisory services using opening of the Ankara Resident Office in Donors: Austria, the Netherlands, the Slovak Republic, South Korea, Taipei China, Turkey, Japan, funds donated by governments and 2012 allowed us to enhance our the EU, the Financial Intermediary Special Fund, the institutions. Donor funds play a vital role coordination with a broad range of donors Small Business Impact Fund, the Climate Investment in ensuring the success of these activities and institutions. Funds and the Global Environment Facility.

Our partnerships in action

► Building on the World Bank’s beneficial ► We have co-financed several projects with ► We co-financed the expansion of the largest work, we are exploring opportunities to the European Investment Bank (EIB), geothermal plant with the Asian jointly encourage the commercialisation including the Eurasia Tunnel in Istanbul Infrastructure Investment Bank (AIIB) and of the Turkish railway sector. and MidSEFF credit lines. the Black Sea Trade and Development Bank.

► ► Both the World Bank and the EBRD use In partnership with the Global ► In partnership with the Turkish funding under the EU’s Instrument for Environment Facility (GEF), we will be Confederation of Employers and the Women Pre-Accession Assistance (IPA I) supporting investments in circular in Technology network, we are working to technical assistance allocation for energy. economy initiatives. enhance the digital skills of unemployed ► We signed two major donor funding women and young people with a science, ► With support from donors, Brisa agreements with the EU: one on Women technology, engineering and mathematics Academy is now fully operational and in Business (€38 million) and one in the (STEM) background. serving as the largest corporate-level energy sector (€24 million). vocational training and testing centre in ► Taipei China provided a contribution to the Turkey. ► We are co-financing various hospital PPP Small Business Impact Fund to launch a projects with the International Finance supply-chain advisory programme. Corporation (IFC) and the EIB.

Work with us Contacts Country facts Financing Goods and services 28 March 1991 Arvid Tuerkner, EBRD Managing - Loans - Procurement Joined the EBRD - Equity - Careers Director of Turkey - Guarantees (including Participate to local banks for trade EBRD Turkey offices - Current policy 2009 finance) engagement in Istanbul Resident Office EBRD started investing Advice agricultural sector reform Büyükdere Caddesi, 185 Kanyon Ofis Binası, Kat: 2 Levent 34394 Istanbul - Expand in Turkey Turkey Improve processes and - NGO roundtable in €345,150 - Tel: +90 212 386 1100 governance Turkey Capital subscription (€ 000) - Meet standards - Have your say on EBRD Ankara Resident Office - Navigate regulatory policies and strategies Eskişehir Yolu, Lütfi Elvan environment Armada Iş Merkezi, No:6 Kat:4 Söğütözü, - Train workers 06520 Ankara EBRD Governor Turkey Tel: +90 312 205 5960 Çağatay İmirgi EBRD Board Director New business inquiries Business Development Department Tel: +44 20 7338 7168 More information email: [email protected] > EBRD in Turkey