Turkey, EBRD set to boost innovation in competitive sectors

ANKARA

The European Bank for Reconstruction and Development (EBRD) and Turkey have agreed to boost innovation in competitive sectors such as machinery, electrics, electronics, mobility, pharmaceuticals, and chemicals, said a bank statement Tuesday.

EBRD President Odile Renaud-Basso and Turkish Industry and Technology Minister Mustafa Varank will intensify efforts to facilitate innovative investments via the Technology-Focused Industry Movement, said the statement.

Together the two parties already established the Technology-Focused Industry Movement, also known as HAMLE, which consolidates several incentives that promote investments in technology and skills and provide a single-window system for investors.

As a leading institutional investor in Turkey, the EBRD to date has invested almost €13 billion ($15.4 billion) in the country through 337 projects, 96% of them in the private sector.

In response to the COVID-19 pandemic, the bank ramped up its financing in Turkey to €1.7 billion ($2 billion) in 2020, from €1 billion in 2019.