Turkish lender, African bank sign $1B agreement

Turkey's private-lender Aktif Bank and African Export-Import Bank (Afreximbank) signed a $1 billion agreement, the Turkish bank announced on Monday.

The agreement was signed on the sidelines of the most important trade event, The Intra-Africa Trade Fair 2018, in the Egypt's capital Cairo, it said.

Turkish exporters will be provided $1 billion in financing by 250 lenders from 50 countries as per the agreement.

Aktif Bank is Turkey's largest private-owned investment bank.

Muzaffer Suat Utku, the deputy head of financial institutions section of Aktif Bank, said the bank visited 15 countries in Africa and met with 162 lenders to mediate with 200 firms for $600 million foreign trade in a short period.

"We support Turkish exporters and raise Turkey's trade share in the African market," he added.

Amr Kamel, executive vice president of Afreximbank's business development and corporate banking, said Aktif Bank is the first and most important business partner of the Afreximbank in Turkey.