Turkish Wealth Fund, Chinese insurance agency ink deal

The Turkish Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have signed a Memorandum of Understanding (MoU) to promote bilateral economic, trade and investment cooperation.

Sinosure will consider providing support up to $5 billion with respect to the financing activities, according to a statement from TWF on Thursday.

The insurance agency will recommend relevant Chinese enterprises to the Turkish fund as the investors, contractors and financial institutions for projects especially in energy, petrochemicals and mining sectors addressing the current account deficit of Turkey.

Wang Tingke, the CEO of Sinosure, called the deal an important milestone for deepening bilateral cooperation.

"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," Wang noted.

Zafer Sönmez, the CEO of TWF, stressed the strengthening of cooperation during "the times of uncertainties around the globe" amid COVID-19 pandemic.