Page 19 - TURKRptDec19

However, planned capacities are not being constructed due to a lack of financing, with around only 1 GW currently under construction. More than 40 GW in planned coal-fired power plant capacity was cancelled over the 2010–2018 period.”
Turkey was able to circumvent a US export ban on killer drones with the help of a missile component first developed in the UK, ​the Guardian reported on November 28.
Imamoglu in mid-November paid a “working visit” to London for meetings with global finance industry representatives​. Imamoglu held a round-table breakfast meeting with global finance industry representatives. The investment banks that were listed as taking part were Goldman Sachs, JP Morgan, Morgan Stanley, Citi Group, Credit Suisse, HSBC and Barclays. The participating investment funds were KKR, 3i, BlackRock, BlackStone, Standard Life Aberdeen, Bridgepoint Capital Group.
Infrastructure investors that were set to meet with Imamogul were Macquarie Infrastructure, Brookfield Asset Management, M&G Investments, IFM Investors, Carlyle Group and Global Infrastructure Partners.
Government banks have shut out Istanbul municipality since Erdogan poll defeat says mayor​. Istanbul’s mayor has “condemned” Turkish state banks who he says have stopped making routine loans to the city since the June ‘revote’ in the business and cultural capital in which he managed a shock victory over Erdogan.
The behaviour of the government-run lenders has forced the Istanbul municipality to borrow from abroad, Mayor Ekrem Imamoglu, of the main opposition Republican People’s Party (CHP), told reporters on November 24. City officials were working on a plan to sell eurobonds to finance projects, he confirmed—although observers noted that the Turkish Treasury would have the authority to block such a financing plan, thought to target the raising of around $500mn.
Imamoglu said that Turkey’s largest city required more than Turkish lira (TRY) 20bn ($3.5bn) in financing, with more than half of it needed for stalled metro projects. He also noted that Istanbul had TRY28bn in debt and needed permits from Turkey’s Treasury to issue municipal bonds.
Istanbul’s unconsolidated debt, under AKP rule, more than tripled in the years from 2014.
Imamoglu on tour​. The mayor has returned to Istanbul following a debut fundraising tour of European capitals. Noting that all municipal transactions and salary payments were made through state banks, Imamoglu—seen as an eventual potential charismatic challenger to Erdogan should the cards fall his way—said the city of 16mn now planned to increasingly rely on foreign lenders and private Turkish banks.
“State banks are not even extending routine loans after the elections to Istanbul municipality. The doors of state banks are closed to us,” Imamoglu said, as reported by Reuters.
He added: “I don’t know what their motives are. However, I have no doubt that we will find funding from Europe.”
The country’s state banks account for around 40% of overall Turkish loans and deposits. Istanbul accounts for more than half of Turkey’s $722bn GDP.
Imamoglu visited Paris, Berlin and London to seek financing for underground rail projects stalled for two years. He secured an €86mn loan deal from the
19​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com