European bank hopeful of V shaped recovery in Turkey

By Gokhan Kurtaran

LONDON (AA) - The European Bank for Reconstruction and Development (EBRD) is expecting a V shaped recovery in Turkey next year once the coronavirus crisis subsides.

“I hope Turkish economy will have a quite a strong rebound next year. This year we will see what the figures are, but this year every market EBRD is operating is showing some contraction. But I am hopeful of that, we call V shaped recovery in Turkey and some other countries that we are operating this year,” Sir Suma Chakrabarti, the bank's president told Anadolu Agency, on Tuesday.

“Commitment to Turkey is incredibly strong. Turkey is the largest in our portfolio,” he added.

Noting that the bank has invested over €12 billion ($13 billion) over the years, he said: “Last year we have invested €1 billion in 35 projects. I expect investments this year to be higher than that."

“Partly because it’s not just about business as usual, it’s got to be more than that. We will try to invest in Turkey to help to deal with the crisis and recover fast as well. So at least 1 billion euros this year I think. I expect even more. Already we have invested €415 million. I am quite positive.”

Chakrabarti said Turkey’s health sector has coped well amid the coronavirus pandemic due to strong investment in hospitals backed by EBRD.

"I think health wise Turkey has done a remarkably good job for managing this crisis. There are economic hits in every country. Overall I have to say that I am very impressed with the way Turkey coped with the health sector,” he added.

He also said that the bank itself financed hospital investments in many cities of Turkey such as Bursa, Elazig and Adana.

“I think the hospitals and health sector has coped very well with it.” Chakrabarti said.

Praising Turkey’s production of personal protection equipment (PPE), he said: “I should say how impressed by the quick response of the Turkish manufacturing centre, textile centre. Turkey has been producing millions of masks and gowns each week. Turkey’s factories have really led the way enabling the government to ship these to abroad. That has been a very strong response in the health side.”