Turkey: full member of the EBRD

23 May 2008

The European Bank for Reconstruction and Development (EBRD) has declared last Monday that it will consider Turkey's application for full membership in October this year.

Turkey thoroughly supports its application, as full membership would create financial opportunities for the Turkish private sector.

London-based EBRD was initially founded in 1991 to support former Warsaw Pact countries in renewing their private sector, and allowing Turkey to become a full member and therefore appear on the list of investment countries would represent a major future strategic direction.

Former governor of Turkey's Central Bank, Gazi Ercel, told Turkish Daily News: "What should the bank do? It has to give the credit to somewhere", and indeed, Turkey welcomes such a move as it will develop infrastructure investments.

Sixty one national governments currently form EBRD's shareholders, including the United States, Turkey, the European Union and the European Investment Bank, all investing in 28 different countries in central and eastern Europe and the Commonwealth of Independent States.

David McComick, U.S. Treasury undersecretary for international affairs, told Hurriyet: "We will work with other shareholders to give Turkey's application a serious and thorough review in the coming months."

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