The Turkish Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have signed a Memorandum of Understanding (MoU) to promote bilateral economic, trade and investment cooperation.

Sinosure will consider providing support up to $5 billion with respect to the financing activities, according to a statement from TWF on Thursday.

The insurance agency will recommend relevant Chinese enterprises to the Turkish fund as the investors, contractors and financial institutions for projects especially in energy, petrochemicals and mining sectors addressing the current account deficit of Turkey.

Wang Tingke, the CEO of Sinosure, called the deal an important milestone for

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