Turkey wealth fund strikes $5bn China deal

Memorandum_of_understandingTurkey’s sovereign wealth fund has signed an MoU with the Chinese Export and Credit Insurance Corporation, Sinosure, for the provision of insurance for its financing activities. The agreement, which was first reported by local newswire, Anadolu, will also see Sinosure recommend various Chinese enterprises and financial institutions as investors and banking partners for Turkish Wealth Fund’s (TWF) upcoming infrastructure projects. Both Turkey and China are in the middle of ambitious infrastructure projects and the MoU is designed to strengthen cooperation between the two states. “With China’s Belt and Road initiative and Turkey’s Middle Corridor initiative going forward, the economic, trade and investment cooperation between China and Turkey will become more frequent,” said Wang Tingke, chief executive of Sinosure. The sentiments were echoed by the TWF’s chief executive, Zafer Sonmez, who stressed the increased need for cooperation during the global uncertainty caused by the current Covid-19 pandemic. © 2020 funds global mena

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