The UK and Turkey will co-finance projects and contracts as part of a new agreement to strengthen trade co-operation and boost investment between the two countries.

UK Export Finance (UKEF) and Export Credit Bank of Turkey (ECBT) have signed an agreement that will see the export credit agencies identify and promote opportunities for UK-Turkey trade. They will also now be able to co-finance projects in other countries, combining their financial support to help UK and Turkish exporters secure major global contracts.

Last year the Turkish lira became one of 30 new pre-approved currencies in which UKEF can offer support.

The move was part of measures announced in the UK chancellor’s autumn statement, which also noted that UKEF is doubling its financial assistance for exporters. For Turkey this means that its support for exports now doubles to up to £3.5bn: it is making an additional £1.75bn available for UK companies selling to Turkey and for Turkish investors buying British products and services.

Commenting on the recently-signed partnership with ECBT, the UK’s international trade minister, Greg Hands, says: “This partnership is a boost to our trading relationship and businesses in both countries. Working with Turkey to secure contracts for UK and Turkish exporters, and increasing our support for UK businesses trading with Turkey, will open new opportunities, not only in Turkey, but across the world.”

Adnan Yildrim, general manager of ECBT says that he see the move as will provide an opportunity for stronger ties between UK and Turkish businesses, which “will have huge benefits for both countries’ continued growth and prosperity. This agreement lays the groundwork for significant engagement and will act as a strategic tool to enhance the already robust economic relations between the two countries who are longstanding close allies. I expect that both sides will start to reap the fruits of the agreement in the shortest time.”

The UK and Turkey shared £11.9bn-worth of trade in 2016, up 70% from 2009.