The partnership is expected to increase economic, trade and investment cooperation between China's Belt and Road’ Initiative and Turkey's ‘Middle Corridor’ Initiative/Bloomberg
by Kudakwashe MuzoriwaThe 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.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach EuropeINVESTMENT
Emirates NBD’s launch of E20. credit positive
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
