The EU Bank, which is Turkey’s biggest single lender, has spent between EUR 0.4 billion ($446 million) and EUR 2.2 billion $2.45 billion) a year in the country over the last three years, while nothing has been invested so far in 2019.
Thursday 25, July 2019 BY KUDAKWASHE MUZORIWA
The European Investment Bank (EIB) will not do any new lending in Turkey linked to the government until at least the end of the year while it carries out a strategy review.
The lending freeze is not expected to affect private sector projects currently and the EIB could still sign around EUR 350 million worth of deals before the end of the year if it gets the green light from EU finance ministers on the EIB board.
According to the EIB spokeswoman, a review of the bank’s strategic orientations of its lending activities in Turkey is scheduled for later this year, reported Reuters.