EBRD-backed EDEF determines Turkey as primary market for technology start-ups.

By bne IntelliNews June 7, 2013

The European Bank for Reconstruction and Development (EBRD) announced that it is considering an equity investment up to USD 30mn in Luxembourg-based private equity investment fund Earlybird Digital East Fund (EDEF). EDEF will use the facility for equity and equity-related investments in early-stage and expansion-stage technology companies primarily in Turkey but also in Bulgaria, Hungary, Slovakia, Slovenia, Poland, Romania, Albania, Bosnia-Herzegovina, Croatia, Kosovo, Macedonia, Montenegro, Serbia, Estonia, Latvia, Lithuania, Ukraine, Moldova and Jordan.

Earlier this month, the EBRD announced that it was considering a EUR 60mn financing facility for the Turkish private lender Sekerbank. Socar’s Vice President Suleiman Gasymov also announced that the EBRD was among the candidates those already expressed interest in providing financing for its USD 3.46bn worth Star Refinery investment in Turkey.

The EBRD has invested a total of EUR 2.5bn in Turkey since the beginning of its operations in the country in 2009. Last year, the EBRD invested a total of EUR 1bn and Turkey was the EBRD’s second largest country of operations in 2012.

EBRD's work in Turkey
Number of projects signed 78
Net Business volume EUR 2.6bn
Total project value EUR 8.1bn
Cumulative disbursements EUR 2.2bn
Portfolio in private sector 96%
Sector breakdown of projects*
Industry Commerce & Agribusiness 18%
Energy 17%
Financial Institutions 45%
Infrastructure 19%
Source: EBRD, *As of March 2013  

Related Articles

Turkey’s main business lobby calls for end to emergency rule

Turkey’s main business lobby has called on the government to end the 19-month-long state of emergency introduced in July 2016 after the failed coup. At the end of last week, parliament extended ... more

Turkey to refuse extradition of all suspects to US unless Washington hands over Gulen says Erdogan

Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more