Africa Finance Corporation and Turk Eximbank collaborate to increase trade and infrastructure investments between Africa and Turkey

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African Financial Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, and Turkey Export Credit Bank (Türk Eximbank), Turkey’s official export credit agency, today signed an agreement to to increase interregional cooperation, investments and trade between Turkey and Africa. The agreement was signed on the sidelines of the 4th Turkey-Africa Economic and Trade Forum which has just concluded in Istanbul.

Through this partnership, AFC and Türk Eximbank will jointly finance cross-border trade and infrastructure investments between Turkey and Africa, through mechanisms including credit lines, risk participation, guarantees, co-financing and an extension of the duration. The partnership will also aim at knowledge exchange through consultancy services, staff exchange programs and jointly organized seminars and conferences on trade and infrastructure development.

This historic collaboration stems from the long-standing relations between Africa and Turkey, driven by their shared economic interests aimed at accelerating South-South cooperation and promoting inclusive and sustainable development. Today, Turkey is considered one of Africa’s key development and trade partners, with trade volumes reaching US$40.7 billion in 2022, up from US$5.4 billion in 2003. Furthermore, the total value of contracts undertaken by Turkish companies across Africa exceeds 85 billion US dollars in 2022. Türk Eximbank played a leading role in bringing many prominent Turkish builders into the market for the first time on the continent by financing major infrastructure and superstructure projects in countries including, but not limited to, Ethiopia, Senegal and Cameroon. Turkish entrepreneurs, who gained extensive experience in Africa through transactions financed by Turk Eximbank, subsequently undertook other projects that contributed to Africa’s development without requiring Bank financing.

AFC Chief Executive Officer Samaila Zubairu said: “We are pleased to deepen our already strong relationship with Türk Eximbank, an institution that shares a similar vision aimed at accelerating Africa’s path to a future prosperous. Our partnership framework will pave the way for increased bilateral trade and infrastructure investments between Turkey and Africa, with a focus on harnessing Africa’s abundant natural resources to increase value capture, create local jobs and stimulate rapid industrialization on the continent.”

Mr. Ali Güney, CEO of Türk Eximbank said: “As Türk Eximbank places the highest importance on its operations on the African continent, we are more than happy to sign this Memorandum of Understanding with AFC, one of the most eminent institutions in the field of sustainable development in Africa. I am convinced that this memorandum of understanding will constitute a new step to strengthen our relations with the AFC on the basis of a win-win partnership. Our collaboration on concrete projects will be mutually beneficial in terms of increasing trade volumes and contributing to the development of the continent.

In recent years, AFC has worked closely with several renowned Turkish engineering, procurement and construction (EPC) companies to finance and develop transformational infrastructure projects in Africa, including a cycle gas plant 300 MW Combined Power Project (CCG) in Senegal, as well as the development and construction of an 80 MW peat-fired Independent Power Project (IPP) in Rwanda. The Company also maintains good working relations with the Foreign Economic Relations Council of Turkey (DEİK) and the Turkish Entrepreneurs Union, organizing a joint webinar on infrastructure investments for Turkish businesses in 2021 and continuously facilitating Turkish investments in Africa.
Distributed by APO Group for Africa Finance Corporation (AFC).

Media Ask for information:
Yewande Thorpe
Communications
African Financial Corporation
Mobile: +234 1 279 9654
E-mail : yewande.thorpe@africafc.org

Gavin Serkin
New Media and Intelligence markets
Telephone: +44 20 3478 9710
E-mail: gserkin@newmarkets.media

F. Zehra Sayar
Director of Loans and International Relations
Telephone: +90 216 6665811
Email: international@eximbank.gov.tr

About AFC:
The AFC was established in 2007 to be the catalyst for private sector-led infrastructure investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and venture capital to meet Africa’s infrastructure development needs and boost sustainable economic growth.

Sixteen years later, AFC has developed a strong track record as the partner of choice in Africa to invest and deliver high-quality, instrumental infrastructure assets that provide essential services in the core infrastructure sectors of energy, natural resources, heavy industry, transport and telecommunications. The AFC has 42 member countries and has invested US$12.7 billion across Africa since its inception. www.AfricaFC.org

About Türk Eximbank:
Türk Eximbank was established in 1987 as Turkey’s official export credit agency and began implementing its programs in early 1988. Turk Eximbank serves the financial needs of Turkish exporters through an extensive range of credit, guarantee and insurance programs, acting as a single bank. stop shop. In doing so, the bank serves a wide range of clients ranging from domestic manufacturers to entrepreneurs operating in foreign countries, and from those involved in the tourism industry to those providing foreign exchange earning services. .

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