European Investment Bank ‘to invest $2.8bn in Turkey’

New skyscrapers under construction are pictured in Istanbul, Turkey, on April 10, 2015. (Reuters)

The European Investment Bank (EIB) is to invest 2.5 billion euros ($2.8bn) in Turkey through financing of infrastructure, healthcare projects and small and medium-sized enterprises, its vice chairman told Hürriyet Daily News.

Pim Van Ballekom of the EIB told the newspaper that spending would be higher than the 2.1 billion euros it invested in Turkey last year.

“We only finance 50 percent of a project. We always need other finances as well. If the project is good, it is no problem for it to find financing,” he said.

The EIB – the lending institution of the European Union – has put financing of around 11 billion euros in Turkey over the last five years, the newspaper reported.

It typically divides its portfolio equally between infrastructure, healthcare and small and medium-sized enterprises.

EIB loans and guarantees range from 25 million to 300 million euros, according to the bank’s website.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47