Russia, Turkey sign MoU for $1bn investment fund during Erdogan's Moscow visit

By bne IntelliNews March 10, 2017

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.”

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Republic of Congo expands oil partnerships, eyes closer ties with Azerbaijan

The Republic of the Congo’s President Denis Sassou-Nguesso is diversifying the West African country’s oil and gas partnerships in search of reliable allies to explore its substantial reserves, ... more

France's spending on Russian LNG surges to over €600mn this year

France's spending on Russian liquefied natural gas (LNG) surged to over €600mn this year, EU data reveals, Politico reports. The increase comes as French President Emmanuel Macron becomes ... more

LNG imports improving EU energy security as Russian gas supplies fall to 8% of gas imports

Liquefied natural gas helps make Europe’s gas supply more secure as it doesn’t rely on existing pipeline infrastructure, allowing EU countries to diversify the sources of their imports, the ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Russia’s war economy boosted by rising oil prices
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss