Turkey

The EIB has been at the forefront of investment in Turkey since the mid 1960s and remains committed to working with public and private sector promoters in the future. The EIB's mission is to support the country's economic development as Turkey moves towards integration into the EU.

Total lending in the country as of December 2010, stands at EUR 1.9 billion.

Outlook for accession

EU Accession negotiations with Turkey began in October 2005. Against this background, the Bank will step-up its activity in terms of volume and, more importantly, in terms of sectors covered and instruments utilized. Reaffirming EIB support for the accession process, the Bank is currently preparing projects in Turkey in the following areas: support to SMEs, energy, earthquake risk mitigation, transport and environment.

• Support to SME's

In 2010, the EIB provided EUR 910m (47% of its overall annual lending in Turkey) to support SMEs and small and medium infrastructure investments to be carried out by private or public bodies, as well as beneficiaries of any size. Financing was for investments in the fields of industry, tourism, services, knowledge economy, energy and environmental protection in Turkey.

• Energy and environment

Efficient infrastructure in transport, energy and environment is key to the development and prosperity of Turkey and its accession process to the European Union. In 2010, the EIB provided with a total of EUR 275m support for developing the country energy potential. In renewable energy production, the EIB financed, along with other multilaterals the Osmaniye Windfarm, which is the largest project in this sector in Turkey. This loan with Zorlu Rotor Elektrik received the distinction of being nominated European Onshore Wind Project Deal of the Year by Finance Magazine.

• Transport

Since the start of its activity in Turkey in 1965, the EIB has paid special attention to transport in the country, due to its large territory and multipolar economic activity centres. Between 2004 and 2006, the EIB lent EUR 1.05bn towards the construction of a rail tunnel under the Bosphorus straits thus bridging an important gap in the pan-European transport network. The project sets a milestone by providing the first intercontinetal railway link between Europe and Asia. Its is also used at reducing air and noise pollution in the western and eastern parts of Istanbul by enabling a major shift from road to rail, thereby alleviating congestion on the road network.