Kuwait to financially support TOKI projects
Posted by meb at April 5th, 2008
The Mass Housing Administration (TOKİ) has signed an agreement with the Kuwait Investment Administration. The agreement, signed at the Turk-Kuwait Businessmen meeting held by the Turk-Kuwait Business Council, operating under the Foreign Economic Affairs Committee (DEİK), ensures sound financial support from Kuwait for TOKİ’s future projects. The agreement was signed by Ahmet Haluk Karabel, vice chairman of TOKİ, and Bader M. Al Saad, chairman of the Kuwait Investment Administration.
Saying in his statement that they expected the agreement signed between Turkey and Kuwait to continue, Karabel added, “the international finance [provided] by Kuwait will give a new dimension to our large housing projects. This is an initial protocol determining the details about the projects. This will also lead to new protocols being signed between the two countries. We will go on with our large housing, real estate and land projects. This is an important step for Turkey to attract foreign investment and investors”.
Rona Yırcalı, chairman of DEİK Executive Committee also said that economic relations with Kuwait were not enough, although they gained pace in the last few years. Noting that trade between the two countries remained at such a low level, $310 million, Yırcalı added, “we would be happy to see more and more investors from Kuwait in Turkey since it is disappointing that Islamic countries, which comprise 22 percent of the world population, have only a 5 percent share of the world average return, and an 8 percent share in world trade.”
Source: Turkish Daily News
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