COUNTRY REPORT ON INFRASTRUCTURE AND FINANCE TURKEY TABLE OF CONTENT

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1 COUNTRY REPORT ON INFRASTRUCTURE AND FINANCE TABLE OF CONTENT I. COUNTRY INFRASTRUCTURE AND POLICY DIRECTIONS IMPLEMENTATION PROCESS LEGAL AND REGULATORY FRAMEWORK FOR INFRASTRUCTURE...2 II. GOVERNMENT PERSPECTIVE ON THE ROLE OF PRIVATE SECTOR INVOLVEMENT RESPONSIBLE AGENCY FOR PRIVATE SECTOR INFRASTRUCTURE PROCUREMENT...2 III. SOURCES OF FINANCING

2 I. COUNTRY INFRASTRUCTURE AND POLICY DIRECTIONS As a result of the priority projects in Turkey, PPP projects will gain more importance in the future. PPP models will be widely implemented for transportation infrastructure investments and traffic safety will be increased in all transport modes, with maritime safety being given priority. In freight transport, priority will be given to rail and maritime transport and ports will become logistics centers that facilitate combined transport. There is still no real time monitoring of investments in Turkey, especially in infrastructure investment where more investment policy and regulation is needed. 1.1 IMPLEMENTATION PROCESS Most of the projects were selected with a pre-feasibility aspect. However, sometimes political decisions serve to select a populist project. 1.2 LEGAL AND REGULATORY FRAMEWORK FOR INFRASTRUCTURE In the case of PPP projects some new laws and regulation will be needed. Under-Secretary of State Planning Organisation has already prepared a draft of PPP Law. Three years later the law is still waiting to be approved by parliament. II. GOVERNMENT PERSPECTIVE ON THE ROLE OF PRIVATE SECTOR INVOLVEMENT There is a political will to enhance private sector involvement. The government is implementing a series of policies in order to make the country's transportation infrastructure safer and more efficient. These policies include shifting freight transportation to railways and transforming major ports into logistic centers. A corridor approach will encourage the utilisation of maritime and railway transportation networks, and priority will be given to the implementation of PPP models in the construction and operation of large transportation projects. 2.1 RESPONSIBLE AGENCY FOR PRIVATE SECTOR INFRASTRUCTURE PROCUREMENT There is no responsible agency for private sector participation. Turkey s investment legislation is simple and complies with international standards, while treating all investors equally. Recent amendments to the existing law have improved Turkey s investment environment even further. -2-

3 1. Legal Framework of Foreign Direct Investment The aim of the Foreign Direct Investment (FDI) Law is: ƒ ƒ To encourage FDI in the country to protect the rights of foreign investors, to align investors and investments with international standards and to establish a notificationbased system rather than an approval-based one for FDI; To increase the volume of FDI through streamlined policies and procedures. The FDI Law provides a definition of foreign investors and foreign direct investments. In addition, it explains important principles of FDI, such as freedom to invest, national treatment, expropriation and nationalisation, transfers, access to real estate, dispute settlement, valuation of non-cash capital, employment of expatriates and liaison offices. The regulation on the implementation of the FDI Law consists of specifying the procedures and principles of the issues that are laid down in the FDI Law. The aim of the new FDI Law on work permits for foreigners is: to regulate the work carried out by foreigners and to stipulate the rules on work permits given to foreigners. 2. Bilateral Agreements 2. a. Bilateral Agreements Bilateral Agreements for the Promotion and Protection of Investments were signed from 1962 onwards with countries that show the potential to improve bilateral investment relations. The basic aim of bilateral investment agreements is to establish a favorable environment for economic cooperation between the contracting parties by defining standards of treatment for investors and their investments within the boundaries of the countries concerned. The aim of these agreements is to increase the flow of capital between the contracting parties, while ensuring a stable investment environment. In addition, by having provisions on international arbitration, they aim to prescribe ways to successfully settle disputes that might occur among investors and the hosting state. As of , Turkey has signed agreements with 82 countries. The list of effective agreements covers 66 countries, whereas the remaining 16 agreements marked with (*) in the list below are in the process of ratification. 2. b. Double Taxation Prevention Treaties Turkey has signed double taxation prevention treaties with 71 countries. This enables tax paid in one of two countries to be offset against tax payable in the other, thus preventing double taxation. Turkey is continuing to expand the area covered by the double taxation prevention treaty by adding more countries on an ongoing basis. 2. c. Social Security Agreements Turkey has signed Social Security Agreements with 21 countries.these agreements make it easier for expatriates to move between countries. The number of these countries will increase in line with the increased sources of FDI. 3. Customs Union and Free Trade Agreements (FTA) -3-

4 A Customs Union Agreement between Turkey and the European Union has been in effect since The agreement allows trade between Turkey and the EU countries without any customs restrictions. The EU-Turkey Customs Union is one of the steps towards full Turkish membership of the EU itself. Turkey has FTAs with 16 countries, creating a free trade area in which the countries agree to eliminate tariffs, quotas and preferences on most goods and services traded between them. This framework explains why many global companies are now using Turkey as a second supply source and manufacturing base, not only for the EU and rapidly growing Turkish markets, but also for the Middle East, Black Sea and North African markets, with the added advantage of a relatively low cost but well-educated labor force, coupled with cost-effective transportation. III. SOURCES OF FINANCING ƒ Akbank; ƒ Albaraka Turk Katilim Bankasi AS; ƒ Alpha Bank A.E.; ƒ Arab African International Bank; ƒ Banco Itaú S/A; ƒ Barclays Bank PLC; ƒ BNP Paribas Group; ƒ BNY Mellon; ƒ Citigroup Inc.; ƒ Commerzbank AG; ƒ Credit Suisse; ƒ Deutsche Bank AG; ƒ Erste Bank Holding; ƒ Garanti Finansal Kiralama A.S.; ƒ HSBC Bank A.S.; ƒ HSBC Holdings A.S.; ƒ ICICI Bank Ltd.; ƒ Industrial and Commercial Bank of China; ƒ ING Group; ƒ Intesa Sanpaolo; ƒ Itaú Unibanco Banco Multiplo S/A; ƒ J.P. Morgan Chase & Co.; ƒ Mercantil Servicios Financieros; ƒ Mizuho Corporate Bank; ƒ National Bank of Kuwait, S.A.K.; ƒ Scotiabank; ƒ SEB; ƒ Societe Generale; ƒ Standard Chartered, PLC; ƒ Swiss Reinsurance Company Ltd.; ƒ The Bank of Tokyo-Mitsubishi UFJ, Ltd.; ƒ The European Union Instrument for Pre-Accession Fund (IPA) ƒ The Institute of International Finance, Inc.; ƒ Türkiye Garanti Bankasi A.S.; -4-

5 ƒ Türkiye Is Bankasi A.S.; ƒ Türkiye Vakiflar Bankasi T.A.O.; ƒ UBS AG; ƒ Yapi ve Kredi Bankasi A.S.; ƒ Zurich Financial Services;

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