About

Beginning its Turkish operations in 2009, the European Bank for Reconstruction and Development (EBRD), an international financial institution, has completed more than 185 deals across the whole debt and equity spectrum with a cumulative investment of €7.96bn. Shortly after EBRD’s commencement of operations in Turkey, a team of highly-motivated, versatile lawyers was set up to spearhead the unique legal support necessary for successful investment in the market. The team of seven is led by Enrico Canzio, chief counsel, who says that ‘all team members have a solid understanding of the distinctive, mission-driven work environment of a multilateral financial institution, that ably navigate through deals based on both common law and civil law systems and have a sound understanding of risk, combined with a commercial and practical approach’. Demonstrating this appraisal, the team has helped structure complex and cutting-edge transactions that were often “firsts” in Turkey and were instrumental for the development of local markets, such as: the increase of private sector participation in the hospital infrastructure sector and transport sector with the financing of the Eurasia Tunnel and Dalaman Airport; the establishment of renewable energy as a viable component of Turkey’s energy mix such as the creation of the Efeler Geothermal Power Plant, the world’s largest geothermal plant financed in 2015; and Akfen Renewable Energy, the largest M&A renewable deal of 2015 for Turkey. Furthermore the team been instrumental for the delivery of EBRD’s sector specific strategic initiatives, including approval of a €600m framework to help Turkey’s Ministry of Health prepare and deliver, in line with best international practice, a large scale hospital facilities management public-private partnership programme covering up to 60 facilities across Turkey, worth €12bn. The bank has also worked on the approval of a TRY 700m (€210m) framework to facilitate the development of the local currency corporate bond market and support longer-tenor fixed and floating rate issuances. They have also done their part for the promotion of diversity and inclusion in Turkey by structuring a €300m framework to provide dedicated credit lines to participating financial institutions for the purpose of on-lending to women-owned and women-managed small and medium sized enterprises. As demonstrated by the market-leading projects that they have facilitated, the EBRD legal team is made up of experts in their field.