Turk Eximbank and UK Export Finance to co-finance defence projects in third countries
Turk Eximbank and UK Export Finance, the British state finance agency, have signed a framework agreement to provide joint credit lines for defence projects in third countries. The arrangement deepens structural cooperation between Ankara and London on defence exports.
Turk Eximbank and UK Export Finance, the British state finance agency, have signed a framework agreement to co-finance defence projects in third countries. The agreement allows the two institutions to pool credit for specific export contracts.
Projects expected to be co-financed include defence electronics, naval systems and unmanned aerial vehicles. Both Turkish companies and British suppliers will be able to draw on the same financing basket when bidding in third-country tenders.
Turkey's defence exports have risen sharply in recent years, surpassing 7 billion dollars annually. The deal lets Turk Eximbank back larger overseas single contracts, while UKEF gains the broader financing reach long sought by British suppliers.
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