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January 23, 2024

Turkey & Africa Continue to Grow Together

Exciting developments in Turkey-Africa trade relations as Africa Finance Corporation(AFC) secures a 3.252% equity investment from Turk Eximbank on behalf of the Republic of Turkey, becoming AFC’s first non-Africa foreign shareholder.  This significant investment reflects Turkey’s strategic vision to foster resilient and sustainable growth in Africa.

Turk Eximbank’s participation aligns with Turkey’s Africa Partnership Policy, emphasizing the country’s commitment to supporting Africa’s development. The move demonstrates Turkey’s dedication to south-south cooperation, utilizing AFC as a reliable long-term partner to bridge the gap between Africa and global stakeholders and contribute to the continent’s prosperity. This international backing also demonstrates global investor confidence in AFC’s strong credit profile and ability to deliver de-risked, transformational infrastructure projects on the continent.

Turkey has been a longstanding ally in Africa’s development journey, demonstrating its strategic partnership with the African Union and advocating for Pan-Africanism. With trade between Turkey and Africa increasing significantly to $40.7 billion in 2022 from 5.4 billion in 2003, Turkey’s economic influence in Africa is on the rise.  The investment from Turk Eximbank further cements Turkey’s position as a leading development and commercial partner for Africa. Moreover, AFC is also in ongoing discussions with the Foreign Economic Relations Board of Turkey and the Turkish Contractors Association to unlock new business opportunities and enhance bilateral trade and cooperation between Turkey and Africa.

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