Türk Eximbank, the state-owned bank that supports the country’s exporters, on Thursday signed a loan agreement with ICBC Turkey, a Chinese private lender, to support export financing.

The two banks signed a two-year loan worth 200 million euros ($237.9 million), the statement by Türk Eximbank said.

In a statement, Ali Güney, Türk Eximbank’s general manager, said cooperation between the banks will increase with the positive effects on trade and economic relations between Turkey and China.

“It is pleasing to see that Turkish Eximbank’s existing relations with the ICBC Group have further improved with this new loan, in addition to their support in the syndication market,” he added.

With the two-year term loan, Türk Eximbank has ensured $2.8 billion to the exporters since the beginning of the year.

Founded in 1987 as Turkey's official export credit agency, Türk Eximbank has been constantly introducing new credit programs to address the demands and needs of exporters.