1/26/2018
State Owned Bank of China (BOC) is Interested in Financing the Infrastructure Projects in Turkey
BOC’s Country Director for Turkey Ruojie Li: “The most important factor in our decision on investing in Turkey is the effect of the initiative of China for the Silk Road, One Belt, One Road. We want to finance infrastructure investments such as energy, telecommunication, railways and seaports in countries that take part in the “One Belt, One Road” initiative. Chinese companies will participate in these projects either as investors or contractors and our bank will be a financing partner in these projects.”
Bank of China (BOC) which is one of the largest commercial banks in the world and which is a state owned bank of China has started activities in Turkey hosting a major part of the “One Belt, One Road Project” that will revitalize the commercial Silk Road of China and is interested in financing infrastructure projects. BOC’s Country Director for Turkey Ruojie Li stated in a disclosure made to the press that the most important factor in the decision on investing in Turkey is the effect of the initiative of China for the Silk Road, One Belt, One Road and said that BOC wants to act as a bridge by financing infrastructure projects in Turkey. The disclosure made by Li is quoted as follows: “BOC Group provided loans amounting to $ 2.5 billion for local projects and corporate customers in Turkey between 2011 and 2016 even before obtaining a banking permit. The Turkish economy has a dynamic structure that expanded in the past 10 years. The proportion of debts to the national income is quite lower than in other countries and the financial system in the country is very strong. BOC has the status of being the largest financier in the “One Belt, One Road” initiative. We want to finance infrastructure investments such as energy, telecommunication, railways and seaports in countries that take part in the “One Belt, One Road” initiative. Chinese companies will participate in these projects either as investors or contractors and our bank will be a financing partner in these projects. Besides these, the activities of BOC in Turkey which is one of the largest finance and banking service providers in the world will enhance the trade volume between the two countries and particularly the amount of exports from Turkey to China. BOC with its banking infrastructure in 53 countries and regions will provide services to Turkish business people to grow their businesses in the world.” Li stating that they have spent the past year to prepare for their operations in Turkey as BOC, concluded his speech as follows: “We brought in our capital asset of $ 300 million in December 2016 which was the obligatory capital funding. We made the registration of the company in January 2017. We made an application to the Banking Regulation and Supervision Agency (BDDK) for our activities upon completion of our preparations and we obtained the permit last month. This year eventually we will continue our activities as a resident Turkish Bank with Chinese capital providing services to customers in Turkey and which will lead to a closer relationship between Turkey and China”.
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