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Turkey

Turkey inflation

“We will not let inflation crush our nation,” Erdogan

1 min read

ISTANBUL — Turkey’s president announced on Saturday a 7 percentage-point reduction in taxes added to basic food supplies as the country faces rampant inflation.…

EBRD Lends Izmir €125 Million to Build New Metro Line

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A new metro line in Izmir, Turkey’s third-largest city, will provide safer, more reliable and greener transport for about 500,000 residents in the urban district of Buca. The European Bank for Reconstruction and Development (EBRD) is supporting the first phase of construction with a €125 million loan.…

EBRD to co-finance investment projects with Turkey’s Garanti BBVA

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The FINANCIAL -- The EBRD continues to expand access to finance for Turkish businesses amid the coronavirus pandemic with a new agreement with Garanti BBVA. The EBRD is providing a risk-sharing facility, which – together with Garanti BBVA – will facilitate lending to local companies, primarily small and medium-sized enterprises (SMEs).…

EBRD and TSKB co-finance Turkish chocolate maker Altinmarka

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The FINANCIAL — Turkey’s leading cocoa producer and chocolate maker, Altinmarka Gida Sanayi Ve Ticaret AS, is receiving a financial boost to keep up with growing demand. The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB), the Industrial Development Bank of Turkey, are jointly providing a €11 million working capital loan to enable…

EBRD and TSKB are jointly providing a €21 mln loan to Turkish wet wipes producer Sapro

1 min read

The FINANCIAL — The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB) – the Industrial Development Bank of Turkey – are jointly providing a €21 million loan to Turkey’s leading wet wipe producer Sapro to support business growth and improve sustainability.  As demand for wet wipes has surged due to the coronavirus outbreak and…

EUROCHAMBRES calls for free trade between Turkey and EU

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The FINANCIAL — EUROCHAMBRES has called for every effort to be made to ensure free trade between the EU and Turkey, and underlined its opposition to economic barriers, including boycotts of EU products. EUROCHAMBRES, the European association of chambers of commerce & industry, is a consistent proponent of fair and open trade, and has for…

International Finance Corporation supports SMEs in Turkey

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The FINANCIAL — IFC is supporting the financing needs of small and medium enterprises (SMEs) in Turkey by partnering with Alternatif Bank to extend new trade-related or working capital loans to SMEs whose cashflows have been disrupted due to the COVID-19 pandemic. SMEs in Turkey are an underserved segment of the market and face difficulties…

Quality of life in EU cities

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The FINANCIAL — The study covers 83 cities in the EU, the EFTA countries, the UK, the Western Balkans and Turkey, for a total of 58,100 telephone interviews. It reveals in which cities people are satisfied with a range of public services and amenities. It captures people’s experience, for example, with crime, and their feelings,…

President Ilham Aliyev: There is no such thing as status-quo. It is over.

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The FINANCIAL — “The people of Azerbaijan have repeatedly heard from mediators and leaders of some international organizations that there is no military solution to this conflict. I said that I do not agree with this thesis, and I was right. I was! Negotiations have been going on for about 30 years. Has the issue…

Georgian domestic exports are down by 14.7% in Jan-Aug 2020

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The FINANCIAL — National Statistics Office of Georgia published data of Domestic exports of Georgia (January – August 2020). In January-August 2020 the exports of Georgia (excluding non-declared exports) equaled USD 2 071.4 million, 14.7 percent lower year-on-year. Share of the domestic exports in total export constituted 51.0 percent and amounted to USD 1 055.8…

FDI in Georgia amounted USD 237.8 million in Q2 2020

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The FINANCIAL — National Statistics Office of Georgia published data of Foreign Direct Investments Q2. Foreign direct investments (FDI) in Georgia amounted to USD 237.8 million in Q2 2020 (preliminary data), up 0.5 percent from the adjusted data of Q2 2019. The top three countries that invested the most in the second quarter of 2020 were United Kingdom,…

Turkish lira hits all time low

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The FINANCIAL — Turkish lira dropped to record low against dollar as state bank interventions could not reassure investors. The last lowest point was hit in May. Meanwhile, heavy interventions late last week drained the supply of local currency, government-owned lenders flooded the market with foreign exchange, selling at least $2.5 billion. The central bank’s gross currency reserves have dropped by more than…

Georgian citizens permitted to go to Turkey for seasonal work

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According to the decision of the Interagency Coordination Council, which was headed by the prime minister, citizens of Georgia will be able to visit Turkey for work on the basis of a three-month official invitation issued by their employer.  Meanwhile, there is an increase in the number of coronavirus cases in the country; namely, a total of…

Georgian and Turkish officials meet to discuss human rights strategy

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The FINANCIAL — Representatives of the Administration of the Government of Georgia met with representatives of the Ministry of Justice of the Republic of Turkey and international experts to discuss issues pertaining to the development, implementation, and reporting of the National Human Rights Strategy and Governmental Action Plan. The meeting was organized by, and held at…

Top trading partners of Georgia (January – June 2020)

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The FINANCIAL — National Statistics Office of Georgia published preliminary results of External Merchandise Trade of Georgia and The Domestic Exports in January – June 2020. Copper ores and concentrates reclaimed the first place in the list of top export items, equaling USD 332.4 million, or 30.8 percent of total exports. In January-June 2020 the external merchandise…