Export Credit Bank of Turkey and the UKEF have signed an agreement to increase business trading between the UK and Turkey.
The partnership will identify and promote opportunities for UK-Turkey trade. They will also now be able to co-finance projects in other countries, combining their financial support to help UK and Turkish exporters secure major global contracts.
This comes as UKEF support for exports to Turkey doubles to up to £3.5 billion, making an additional £1.75 billion available for UK companies selling to Turkey and for Turkish investors buying British products and services. UKEF financing is also now available in Turkish Lira, along with 40 other global currencies, making it easier for Turkish companies to buy UK products using their local currency.
Adnan Yildrim, General Manager of Export Credit Bank of Turkey, said: “I am very excited about this partnership, as the opportunity for stronger ties between UK and Turkish businesses will have huge benefits for both countries’ continued growth and prosperity.
“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 UK and Turkey already shared £11.9 billion worth of trade in 2016, up 70% on 2009.