Global financier projects USD 1 bln investment in Turkey

International Finance Corporation (IFC) - a member of the World Bank Group - will invest around USD 1 bln in Turkey by the end of its fiscal year, the body said. Aisha Williams, IFC Country Manager for Turkey, said it had already invested USD 500 mln so far. The IFC’s fiscal year ends June 30.

ADDITIONAL LARGE INVESTMENTS ON THE WAY

“We have some additional large scale investments to materialise in the near future with other financial institutions, banks and some large Turkish corporates that we are excited about.

“I expect roughly another USD 500 mln by the end of our fiscal year in long-term finance,” she said. Williams said IFC had been investing since 1964, witnessing ups and downs in Turkey’s economy. “2017 looks slightly better… I think that the World Bank forecast 2.7% [growth] for 2017 and around 3-3.5% for 2018 and 2019 - these are positive indications but are less than what Turkey needs,” Williams said.

SUPPORT FOR THE PRIVATE SECTOR

Williams described IFC’s last fiscal year, which ended June 30, 2016, as a strong period in Turkey, saying the organisation had invested around USD 1.5 bln in long-term finance. Williams said USD 600 mln of their total investments were equity investments in companies such as construction firm Ronesans, Odea Bank, Fibabank and Akfen, an energy company. “We are here to support the Turkish private sector. We have been here for 50 years, we are not going anywhere and we provide strong support, particularly during difficult times for our clients,” she underlined.

DISTRIBUTION OF IFC’S PORTFOLIO

IFC’s portfolio in Turkey is mostly made up of financial institutions (45%), infrastructure (30%) plus manufacturing and service companies (25%), Williams said. She also added that IFC had investments in Turkish healthcare public private partnership projects.

USD 14.2 BLN FOR 350 PROJECTS

The size of IFC’s portfolio in Turkey is around USD 5 bln, USD 4.1 bln of which comes from the corporations’ own account and the remaining USD 900 mln from other financial institutions. Williams said IFC in total had provided USD 14.2 bln for 350 projects across Turkey’s private sector since 1964.

15 Haziran 2017 Perşembe

Etiketler : English