TWF and Sinosure signed MoU for cooperationMarch 26th, 2020
Turkey Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have signed a Memorandum of Understanding (MoU) to promote the bilateral economic, trade and investment cooperation.
According to the MoU signed this week, Sinosure will recommend relevant Chinese enterprises to TWF as the investors, contractors and financial institutions concerning projects especially in energy, petrochemicals and mining sectors addressing the current account deficit of Turkey. Sinosure will also consider providing insurance support up to USD 5 billion with respect to the financing activities. TWF had recently announced its investment plans in these sectors as well as its contribution to the logistics infrastructure investments of Turkey.
Wang Tingke, 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. The MoU is an important milestone for deepening cooperation between TWF and Sinosure. Based on the MoU, hope we can continue to strengthen communication and coordination in practical projects.”
Zafer Sönmez, CEO of TWF, said: “China has been a strong trade and business partner to Turkey and we’re pleased to bring our cooperation to a new level with this agreement. Announcing this during the times of uncertainties around the globe linked with the influences of the COVID-19 pandemic is an indication of the strength of our cooperation.”