EBRD allocates new loan to Turkey

The European Bank for Reconstruction and Development (EBRD) signed an agreement with Turkish tractor manufacturing company TürkTraktör to allocate a loan of 75 million euro, the bank said on May 16.

The loan will be used to modernize the company's plant in Ankara and to build a brand new plant in the Erenler province of Sakarya in the Marmara region.

Since the beginning of its operations in Turkey in 2009, the EBRD has invested over 2.5 billion euro in the country, both in direct deals and through credit lines. Last year Turkey became the EBRD's second-largest country of operations with 1 billion euros in new investments in 2012 alone.

The allocated loans are mainly directed at the private sector for infrastructure projects and projects in science and technology.

Last year, the Bank allocated a total of 51.8 billion euro, mainly to EU member countries.

Adapted from Worldbulletin