Russia and Turkey on March 10 signed a memorandum of understanding (MoU) to create a joint investment fund into which each country will commit $500mn. The Russian Direct Investment Fund (RDIF) and Turkiye Wealth Fund (TWF) inked the agreement in the presence of Russian President Vladimir Putin and Turkish President Tayyip Erdogan, who was on a visit to Moscow.
No details were provided as to which sectors the fund would invest in, but Russia's Kommersant newspaper reported prior to the signing that it would concentrate on healthcare and tourism.
TWF is the name of the newly established Turkish sovereign wealth fund which has been controversially created by the transfer of several valuable ‘crown jewel’ stakes held by Ankara in enterprises including Ziraat Bank, Turkish Airlines, Turk Telekom and the Borsa Istanbul stock exchange.
TWF chief executive Mehmet Bostan said the joint fund is one of the first international initiatives of the wealth fund.
In a statement, Kirill Dmitriev, the head of RDIF, said: “A common approach to the investment process will promote the development of economic cooperation and make it more effective. RDIF and TWF are already in talks on a number of potential joint investment projects.”
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