Turk Eximbank inks reinsurance deal with Austrian OeKB

By Aysu Bicer

ANKARA (AA) - Turk Eximbank has signed a reinsurance cooperation agreement with Austria's official export support organization Oesterreichische Kontrollbank AG (OeKB), the Turkish trade minister said on Monday.

The two will provide insurance support for the export of goods and services from their own countries for the projects they will realize together in third countries, Ruhsar Pekcan said in a statement.

Pekcan also emphasized that a faster and more efficient loan allocation process will be provided with the agreement.

Previously, she reminded, the Turk Eximbank signed reinsurance cooperation agreements with the export credit institutions of the US, UK, France, and Denmark.

The first concrete transaction as part of reinsurance agreements came after the deal was signed with UKEF, the UK's export support organization, in July 2020. The agreement, which aims at the construction of power plants in Iraq, includes the export of goods and services from Turkey.