Türk Eximbank, Turkey’s official export credit agency, has signed a new reinsurance cooperation agreement with Austria’s official export support organization, Oesterreichische Kontrollbank AG (OeKB).
Reports from state-run news agency Anadolu Agency confirm that Türk Eximbank will provide support to OeKb for the export of goods and services for joint projects in other countries.
Turkish trade minister Ruhsar Pekcan noted that the deal builds on previous reinsurance agreements inked between Türk Eximbank and the export credit institutions of the US, UK, France, and Denmark.
However, this time a faster and more efficient loan allocation process will be provided with the agreement, Pekcan stressed.
Back in July 2020, Türk Eximbank announced that it would provide $79.2 million of reinsurance backing to the UK Export Finance Agency (UKEF) for its energy projects in Iraq.
Several Turkish firms are included in the project, and the country expects that these reinsurance financing schemes will help Turkey-based companies to gain access to similar projects abroad.
