By Tuba Sahin
ANKARA (AA) - 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.