Citing its commitment to advancing Turkey’s transition to a more competitive, knowledge-driven economy, the European Bank for Reconstruction and Development (EBRD) is strengthening its cooperation with the Ministry of Industry and Technology.
The development bank and ministry will step up efforts to boost innovation in competitive sectors such as machinery, electrics, electronics, mobility, pharmaceuticals and chemicals, the EBRD said in a statement.
The EBRD and ministry have together established the Technology-Focused Industry Movement, also known as the HAMLE programme, which consolidates several incentives that promote investments in technology and skills and provides a single-window system for investors.
In a video conference on May 4, EBRD president Odile Renaud-Basso and the Industry and Technology Minister Mustafa Varank agreed that the two institutions would intensify efforts to facilitate innovative investments through the HAMLE programme.
To date, the EBRD has invested more than €13bn in the country through 337 projects, with 96% of these in the private sector.
In 2020 the bank responded to the COVID-19 pandemic by stepping up its financing in Turkey to €1.7bn from €1bn spread across 35 projects in 2019.
Related Articles
Uzbekistan sticks with 14% policy rate
The Central Bank of Uzbekistan (CBU) on October 24 kept its key policy rate at 14% per annum, citing easing inflation but ongoing risks. The ... more
Iran's central bank authorised to settle IRR762 trillion IMF debt
Iran's Central Bank has been authorised to settle IRR762.305 trillion ($708mn) in debt arising from the Islamic Republic's commitments to the International Monetary Fund, First Vice President ... more
Russia’s central bank cuts key rate by 100bp to 17% in cautious move, defies calls for deeper easing
The board of the Central Bank of Russia (CBR) at the policy meeting of September 12 resolved to cut the key interest rate by 100 basis points from 18% to 17%, according to the regulator’s press ... more