Russian fund, Turkey’s Rönesans agree to $400 mln joint investment

Hurriyet Dailynews, 09.08.2016

The Russian Direct Investment Fund (RDIF) and Turkish construction and investment firm Ronesans Holding have agreed to expand cooperation and invest up to $400 million in joint healthcare, construction and infrastructure projects, the RDIF said on Aug. 9, as reported by Reuters.

Under the agreement, signed on Aug. 9, state-backed RDIF and Ronesans Holding, which controls Russia-focused construction company Renaissance Construction, could invest up to $200 million each into the partnership.

"The sides are searching for attractive investment projects across the Russian Federation. The areas of medical care, construction, infrastructure and commercial real estate have been selected as those of highest priority for cooperation between RDIF and Ronesans Holding," RDIF said, as quoted by TASS news agency.

RDIF and Ronesans Holding first announced plans to jointly invest $400 million in Russia in 2014.

RDIF, with $10 billion of reserve capital, was created in 2010 to co-invest alongside foreign firms to give them greater comfort in Russia’s business environment.