Turkey’s leading mobile phone operator Turkcell signed a memorandum of understanding for a 500 million euro loan agreement with the China Development Bank, the Turkish company said on Friday, according to Reuters.
In a statement Turkcell said the eight-year maturity loan, with a three-year grace period, is planned to be used to finance the procurement of equipment and hardware from Chinese suppliers.
Economic cooperation between Ankara and Beijing has developed in the last years, as the Industrial and Commercial Bank of China in June 2018 agreed to provide a loan package worth $3.6 billion to Turkish businesses.
Last summer China’s central bank transferred $1 billion to the Turkish economy in a swap agreement.