TURK EXIMBANK AND TDB SIGN AN MOU TO COOPERATE ON EXPORT FINANCING BETWEEN TURKEY AND AFRICA
Nairobi/ Istanbul, December 11th, 2020 – The Eastern and Southern African Trade and Development Bank (TDB) and Turk Eximbank (Export Credit Bank of Turkey) have signed a Memorandum of Understanding (MoU) aimed at supporting bilateral trade between Turkey and TDB Member States.
As such, the two institutions have agreed to jointly support transactions involving the export of goods and services from Turkey into TDB Member States, in addition to identifying and providing co-financing and co-guarantees for projects undertaken by Turkish companies in the region.
Likewise, this MoU is a preamble to the establishment of a credit line to be extended by Turk Eximbank to TDB for the purpose of financing the export of goods and services from Turkey to the region served by TDB. Both institutions will also consider undertaking appropriate forms of risk participation as well as exchanging relevant information and experiences via different platforms.
The MoU reaffirms the commitment of both institutions to collaborate on trade matters between and across Turkey and TDB Member States.
“With trade having grown almost 7-fold between Turkey and Africa over the past two decades, we are pleased to welcome Turk Eximbank among our growing Export Credit Agency relationships, and to further facilitate cross-border trade between Turkey and our region, by financing aspiring global businesses and offering them opportunities for growth through various trade financing services,” said Admassu Tadesse, TDB President and Chief Executive.
“I am proud to witness the foundation of this important relationship between TDB and Turk Eximbank, which will pave the way for prospective cooperation. I genuinely believe that our partnership with TDB will not only enable us to successfully finance many projects but will also further enhance bilateral trade and business between Turkey and Africa.” said Ali Güney, Turk Eximbank General Manager.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 40 sovereign and institutional shareholders and assets of USD 6.7 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development.
About Turk Eximbank
Turk Eximbank established in 1987 as the official export credit agency of Turkey. The Bank functions as a one stop shop and provides various types of support in the form of loans, insurance and guarantee for the export of Turkish goods and services and the projects undertaken by Turkish construction companies abroad. The total asset size of Turk Eximbank is USD 27 bn as at the end of November 2020 and the Bank serves through its nationwide network of 20 branches and 11 liaison offices.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Mrs. F. Zehra Sayar
Head of International Loans and Relations
Export Credit Bank of Turkey