EBRD appoints new Managing Director for Turkiye and the Caucasus

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

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

Turkiye 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 Turkiye'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.

"Turkiye 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 Turkiye when it  became an EBRD country of operation.

Ms Falcetti said: "The EBRD has been an integral part of Turkiye'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 Turkiye'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 Turkiye 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.