The partnership is expected to increase economic, trade and investment cooperation between China's Belt and Road’ Initiative and Turkey's ‘Middle Corridor’ Initiative/Bloombergby Kudakwashe Muzoriwa
The Turkish Wealth Fund (TWF) has signed an MoU with China Export and Credit Insurance Corporation (Sinosure) to provide insurance support up to $5 billion for financing related activities, according to local newswire, Anadolu.
Wang Tingke, the CEO of Sinosure, said, “With China ‘Belt and Road’ Initiative and Turkey ‘Middle Corridor’ Initiative go forward and go deep, the economic, trade and investment cooperation between China and Turkey become more and more frequent.”
Under the agreement, Sinosure will recommend Chinese enterprises to the Turkish fund as the investors, contractors and financial institutions for projects especially in energy, petrochemicals and mining sectors to the current account deficit of Turkey.
Zafer Sonmez, the CEO of TWF, stressed the strengthening of cooperation during the times of uncertainties around the globe amid COVID-19 pandemic.