Turkey has engaged Ernst & Young LLP (EY) to spearhead the privatization of two iconic Istanbul bridges and a network of highways, according to sources familiar with the deal. This move signals a renewed push by the Turkish government to attract foreign investment and generate revenue through the sale of state assets. The privatization program aims to bolster the country's finances.

This is a major opportunity for EY, which will oversee a multibillion-dollar transaction. The move comes as Turkey seeks to address economic challenges, including high inflation and a fluctuating currency. Selling infrastructure assets to private entities can lead to improved efficiency and potentially attract much-needed capital to support infrastructure upgrades. Such deals are often complex, involving regulatory hurdles.

Privatization efforts in Turkey have seen varying degrees of success in the past, making the current deal a test of investor confidence. The success of this privatization could set a precedent for future infrastructure sales. Investors will be watching closely to assess the terms of the deal and the level of interest from potential buyers.

What happens next? The selection of EY suggests the government is serious about moving forward. Expect a detailed prospectus and a bidding process to follow. The ultimate buyers will be keenly scrutinized for their financial stability and operational expertise. The success of the deal will be a key indicator of Turkey's investment climate.