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Turkey’s wealth fund signs $5 bln MOU with Chinese insurance company

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Turkey’s sovereign wealth fund said on Thursday it had signed a memorandum of understanding with China’s Sinosure to provide insurance support up to $5 billion for financing activities, Reuters reported.

In a statement the Turkey Wealth Fund said the deal would include Sinosure recommending Chinese enterprises as investors and financial institutions for projects in the energy, petrochemicals and mining sectors.

Sinosure is a state-owned insurance company established to promote China’s foreign economic and trade development and cooperation.

The novel coronavirus outbreak threw off track a major loan deal that Chinese banks were arranging in Turkey, a sign that the virus’s spread could slow efforts by the Asian nation’s lenders to expand in a key market, Bloomberg reported on March 11.

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