Deals
Turkish Railways to Get Funding Boost as EBRD Raises Investments
- Lender is ready to boost capital in Turkey by 10% this year
- Turkey’s economy may expand 2.5% after 2019 contraction
Passengers prepare to board a passenger train between Istanbul and Ankara in Eskisehir train station.
Photographer: Kerem Uzel/Bloomberg
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European Bank for Reconstruction & Development plans to invest in Turkey’s railways for the first time on expectations that a return to economic growth will spur demand for transport.
The lender will probably deploy 1.1 billion euros ($1.2 billion) in fresh capital in the country this year, up from about 1 billion euros provided for 35 projects during 2019, EBRD Turkey Managing Director Arvid Tuerkner said in an interview in Istanbul. The bank expects Turkey’s economy to expand 2.5% this year from an estimated contraction of 0.2% last year.