UKEF and Turk Eximbank partner to boost bilateral trade

News | 2 August 2017

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UK Export Finance (UKEF) and the Export Credit Bank of Turkey (Turk Eximbank) will co-finance trade deals as part of a partnership to boost trade between the UK and Turkey.

UKEF and Turk Eximbank will also start financing projects in other countries together, to help British and Turkish exporters secure global contracts.

The agreement seeks to strengthen trade cooperation and boost investment between the two countries.

“This partnership is a boost to our trading relationship and businesses in both countries. Working with Turkey to secure contracts for UK and Turkish exporters, and increasing our support for UK businesses trading with Turkey, will open new opportunities, not only in Turkey, but across the world,” said Greg Hands, UK International Trade Minister.

UKEF has also doubled the amount of financial support available for exports to Turkey from £1.75bn to £3.5bn.

The funds are available to British companies selling to Turkey and Turkish investors buying British products.

Turk Eximbank CEO, Adnan Yıldırım said, “This agreement lays the groundwork for significant engagement and will act as a strategic tool to enhance the already robust economic relations between the two countries who are longstanding close allies. I expect that both sides will start to reap the fruits of the agreement in the shortest time.”

The value of trade between Turkey and the UK reached £11.9bn in 2016 – a 70% rise on 2009.

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