Turk Eximbank’s investment in Africa Finance Corporation

by MMC
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Turk Eximbank acquires first non-African stake in Africa Finance Corporation

The Export Credit Bank of Turkey, known as Turk Eximbank, recently made a landmark investment in Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa. As the first non-African sovereign shareholder of AFC, this important decision marks Turk Eximbank’s pioneering participation in an African entity and underlines its commitment to strengthening the business capabilities of Turkish exporters and entrepreneurs across the African continent, particularly in the 42 member countries of the AFC. .

A strategic partnership for sustainable economic growth

This partnership is much more than a financial investment; it is a long-term strategic effort that aims to facilitate sustainable economic growth and development between Turkey and Africa. The increase in Turkish trade with Africa – from TL 5.4 billion ($159.6 billion) in 2003 to TL 40.7 billion in 2022 – reflects growing trade ties and development between two regions. With this partnership, Turk Eximbank is expected to continue this trend by securing a 3.29% share in the AFC.

Executives express satisfaction with investment

Ali G’uney, General Director of Turk Eximbank, and Samaila Zubairu, Head of AFC, expressed satisfaction with the investment. The move is expected to address infrastructural challenges in Africa, promote industrialization, promote value retention and create jobs. The partnership also highlights Turkey’s commitment to supporting Africa’s growth in various sectors.

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