9/26/2008

EBRD board votes in favor of investment in Turkey

Hurriyet English - The board of directors at the European Bank for Reconstruction and Development said Tuesday it had voted in favor of investing in Turkey. Turkey has been a shareholder of the EBRD since its inception in 1991, when it was created to encourage former Soviet countries to adopt market economies. Ankara asked in April that its status within the bank be changed to a country of operations. The EBRD said that the country's application for the change could contribute to market-promoting initiatives that would be "immensely beneficial for the bank as well as for Turkey". The EBRD board, which represents the bank’s 63 governors, reached its decision after a "strategic review of the implications of investment in Turkey", and the issue will now go before the bank's governors at the end of next month.