Turkey Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have inked a memorandum of understanding (MoU) to promote bilateral investment cooperation.
According to a statement of TWF on Thursday, Sinosure will consider providing insurance support up to USD 5 billion with respect to the financing activities.
Sinosure will also recommend to TWF Chinese enterprises that are relevant to investors, contractors, and financial institutions for projects in the energy, petrochemical, and mining sectors.
TWF CEO Zafer Sönmez said, “Announcing this agreement during the times of uncertainty around the world due to the COVID-19 pandemic is an indication of the strength of our cooperation." Sönmez noted that China has been a strong trade and business partner of Turkey and that Turkey is pleased to enter into a new phase of their collaboration with the country.
Wang Tingke, CEO of Sinosure, said, “We hope that we will continue to develop communication and coordination in projects through this memorandum of understanding, an important milestone to deepen the cooperation between TWF and Sinosure."
“With China's 'Belt and Road' Initiative and Turkey's 'Middle Corridor' Initiative moving forward, the economic, trade, and investment cooperation between China and Turkey has become more and more frequent," Tingke added.