The European Bank for Reconstruction and Development (EBRD) is looking to increase its investment in Turkey this year as the economy is set to bounce back, it said on Thursday.

“The year 2019 was challenging for the Turkish economy. It saw a worsening of asset quality in the banking sector and deleveraging by lenders,” according to a statement.

However, it added, the EBRD provided €1 billion ($1.1 billion) in debt and equity financing for 35 Turkish projects.

Arvid Tuerkner, EBRD Managing Director for Turkey, said: “In a difficult business environment, our business volume in Turkey remained unchanged in 2019

Read more: European Bank to up investment in Turkey