Turkey's membership for African Development Bank approved

Anatolian Agency
15 Mayıs 2008 - 10:45Son Güncelleme : 15 Mayıs 2008 - 11:16

Turkey's application to be a member of African Development Bank (AFDB) was approved. Turkish businessmen will be able to join all projects in Africa thanks to the membership.

Turkey has become the 25th Non-Regional Member of the bank. Turkey's membership will increase commerce and investment volume and help Turkish contractors to undertake business, annual worth of $2-3 billion, which will be held with AFDB's financing.

Trade volume between Turkey and African countries is currently $10 billion. Turkey aims to increase this figure to $30 billion by 2010 after the membership.

Currently, the AFDB has 53 African (Regional Members) and 25 Non-Regional members --Argentina, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Italy, Japan, Korea, Kuwait, Netherlands, Norway, Portugal, Saudi Arabia, Spain, Sweden, Switzerland, Turkey, United Kingdom and the U.S.

AFDB was established on September 10th, 1964 to develop economic cooperation among independent African countries.

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