EBRD board votes in favor of investment in Turkey

The board of directors at the European Bank for Reconstruction and Development said Tuesday it had voted in favor of investing in Turkey. Turkey has been a shareholder of the EBRD since its inception in 1991, when it was created to encourage former Soviet countries to adopt market economies. Ankara asked in April that its status within the bank be changed to a country of operations.

The EBRD said that the country's application for the change could contribute to market-promoting initiatives that would be "immensely beneficial for the bank as well as for Turkey". The EBRD board, which represents the bank’s 63 governors, reached its decision after a "strategic review of the implications of investment in Turkey", and the issue will now go before the bank's governors at the end of next month. 

  PHC approved the privatization plan of $2 billion

Privatization High Council (PHC) has approved the sale of Baskent and Sakarya Electricity Distribution companies whose total value is approximately $2 billion, as well as the transfer of operational right for Bandirma and Samsun ports. As a result, there remained no obstacle on the way to the transfers related to these sales.

  Turkey says to launch 3G tender within 6 months

Turkey will launch a tender for third generation mobile phone licenses within six months, a cabinet decision published in the Official Gazette last week. No certain date was given in the statement for launching the tender. Turkey held a 3G tender last year, but only Turkcell bid and the license was cancelled.

  The number of foreign companies in Turkey has doubled

ITO President Murat Yalcintas said "We see that the number of foreign companies has rapidly increased over the last 6 months. While the number of foreign companies was 5600 last year, it has reached 15,000 in 2008. On investment basis, Turkey is in the position of the most profitable country of the world.” 

  U.K heralds Turkey as energy corridor

Calling for urgent progress on Turkey's accession to the European Union, a British report advises EU politicians to start scrambling to make headway in Turkey's development as an alternative energy hub for the continent.

A report published by the British House of Commons in late June, revealed the growing strategic importance of Turkey as the major energy gateway alternative for Europe. The House of Commons urged the British government to push for the opening of energy routes through Turkey by scheduling talks on EU accession as quickly as possible.

“Although Turkey, itself, is heavily dependent upon imported energy from Russia and Iran, it has great potential as an energy hub, or gateway, for the European Union, not least because of its strategic position, bordering eight other countries in the region,” said the report, entitled “Keeping the door wide open: Turkey and EU accession.”

Reminding readers that Turkey is a natural hub situated between several vital energy suppliers and consumers of 71% of the world's proven gas and 73% of oil resources, the report emphasized a potentially large role for Turkey in maintaining future EU energy security.