Turkey applies to be a full member at European Bank

Following its full membership in the European Bank for Reconstruction and Development, Turkey will be able to offer new loans to the private sector.

Turkey applies to be a full member at European Bank

Turkey has officially applied for full membership at the European Bank for Reconstruction and Development (EBRD), The New Anatolian said.

Bank officials say Turkey's application will be discussed at the Executive Board meeting of the EBRD in June and is expected to be approved. Following its full membership in the EBRD, Turkey will be able to offer new loans to the private sector.

The EBRD was founded in 1991 when communism was crumbling in central and eastern Europe and ex-Soviet countries needed support to nurture a new private sector in a democratic environment. The EBRD uses the tools of investment to help build market economies and democracies in countries from central Europe to central Asia.

The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. It is owned by 61 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners.

Last Mod: 05 Mayıs 2008, 12:33
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