Breaking: EBRD Appoints New Managing Director For Türkiye And The Caucasus

New Managing Director For Türkiye And The Caucasus, EBRD

By Dilara Sarı

The European Bank for Reconstruction and Development (EBRD) has appointed Elisabetta Falcetti as its new Managing Director for Türkiye and the Caucasus.

Ms Falcetti currently serves as Director, Regional Head of Poland and the Baltic States. The current Managing Director for Türkiye is Arvid Tuerkner, who was recently announced as the Bank’s Managing Director for Ukraine and Moldova and assumed that role earlier this month.

Türkiye remains the EBRD’s largest market, with the Bank investing a record €2.5 billion in the country in 2023, boosted by the response to Türkiye’s recovery and reconstruction needs following last year’s earthquakes.

Welcoming the appointment, EBRD Vice President, Banking, Matteo Patrone, said: “Elisabetta brings to her new role significant leadership and people-management experience, as well as a proven track record in business delivery and achieving impact through the design and execution of EBRD strategies, policy engagement and investment.

“Türkiye is a significant market for us, and I am confident that Elisabetta will further strengthen our performance in that country and in the very important Caucasus region.”

Ms Falcetti joined the EBRD in 2000 as a Country Economist in the Office of the Chief Economist.  She held a number of roles before moving to Warsaw in 2021 as the Bank’s Director, Regional Head of Poland and the Baltic States.

Ms Falcetti knows the region well, having worked in Türkiye when it became an EBRD country of operation.

Ms Falcetti said: “The EBRD has been an integral part of Türkiye’s transformation towards a greener, more resilient and more inclusive economy. We will continue to deliver on our priorities as set in our country strategy by accelerating the green transition, strengthening the resilience of the financial sector, promoting inclusion and developing the country’s knowledge economy. We also remain committed to supporting the country in its reconstruction of the earthquake-hit cities.

“Our Annual Meeting took place in Yerevan this year and we witnessed once again the potential of the Caucasus. We will continue our work to develop the economies of Armenia, Azerbaijan and Georgia by supporting the private sector and key infrastructure development through investment and policy dialogue for reform.”

Ms Falcetti starts her new role on 1 August.

The EBRD is one of Türkiye’s key investors, with €19.8 billion invested through 442 projects and trade finance limits since 2009, the majority of it in the private sector. Of the €2.5 billion of EBRD investment in Türkiye last year, 91 per cent contributed to the private sector and almost 58 per cent to the country’s transition to a green economy.

Across the Caucasus region the volume of the Bank’s total investments to date is €2.4 billion in Armenia, €3.7 billion in Azerbaijan, and €5.3 billion in Georgia.

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