Turk Eximbank, African bank ink MoU to promote trade

By Aysu Bicer

ANKARA (AA) - Turk Eximbank Wednesday signed a memorandum of understanding with the Eastern and Southern African Trade and Development Bank (TDB) to promote bilateral trade with African countries.

The deal will pave the way for Turkey to boost its goods and services exports to 22 member countries of TDB, according to a statement by the Turk Eximbank.

In this regard, a credit line will be opened to TDB by Turk Eximbank.

Within the scope of efforts to increase cooperation, it is envisaged to develop risk-sharing methods specific to projects, as well as general activities such as information and experience sharing.

Turkey-Africa relations have gained substantial momentum since the declaration of Turkey as a strategic partner of the continent by the African Union in January 2008.

Last year, the trade volume between Turkey and Africa totaled $26.2 billion, with an increase of 7% compared to 2018.

Turkish investments in the continent reached $6 billion.