The world-famous giant bank is returning to Turkey.

The European Investment Bank (EIB), known as the bank of the European Union (EU) that provides financing for joint projects, has begun efforts to resume its activities in Turkey. An EIB spokesperson stated, "The EIB has been invited by the EU Council and the EU Commission to review its relations with Turkey." The spokesperson indicated that a process has been initiated regarding the resumption of EIB's activities in Turkey, stating, "As recommended in the decisions of the EU Council, this process has been launched regarding a possible re-engagement with Turkey in a gradual, proportionate, and reversible manner."

IT HAD PROVIDED A LOAN OF 400 MILLION EUROS IN THE DISASTER OF THE CENTURY

The spokesperson noted that in line with EU policy, the EIB's new activities will focus on issues such as climate action, green transformation, post-earthquake recovery, and migration. It was stated that since EIB Global began operating in Turkey in 1965, it has provided more than 30 billion euros in financing. The bank's most recent operations included a loan agreement of 400 million euros for the renewal of water and wastewater infrastructure in provinces affected by the earthquakes that occurred in Turkey on February 6, 2023.

STOPPED OPERATIONS IN 2019

Based in Luxembourg, the EIB, the financial institution of the EU, had halted its operations in Turkey in 2019. EU countries made this decision and various measures reflecting on many areas of relations during a period of tension due to Turkey's oil and natural gas exploration activities in the Eastern Mediterranean. Prior to this period, the EIB was providing an average of 1-2 billion euros annually for various projects in Turkey. In 2016, the bank had allocated over 2 billion 135 million euros to various projects in Turkey. In 2019, a loan of up to 117 million euros was granted for previously approved projects in Turkey.