China, Turkey to boost fiscal co-op


ISTANBUL: The Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC) has played a significant role in boosting financial cooperation between China and Turkey during the last five years, head of Turkey’s sovereign wealth fund said Monday.
China and ICBC Turkey are crucial to financing several sectors in Turkey, namely the infrastructure sector, the energy industry and project finance, said Zafer Sonmez, managing director of the Turkey Wealth Fund (TWF), a business partner of the Chinese company.
Since it launched operation in May 2015, the bank has financed several major projects under the Belt and Road Initiative, supporting Turkey’s economic, industrial, and social development.
Noting that the partnership with ICBC carries meaning beyond a usual banking relationship, Sonmez said China and Turkey can further improve their relations, and Turkey can be an effective and lucrative hub in the region for Chinese companies seeking to diversify their production base. “Chinese companies and banks can team up with Turkey to cater to the potential for this region, and we can invest together, acquire together, we can do business together, and trade together,” he said. ICBC Turkey was named the “Best Commercial Bank of the Year Turkey” and the “Best Investment Bank of the Year Turkey” by the International Banker magazine in 2019. – Agencies