Russia, Turkey create joint investment fund
The Russian Direct Investment Fund (RDIF ) and the Turkish Wealth Fund (TWF) have signed a memorandum establishing the Russia-Turkey Investment Fund, in a bid to further increase bilateral economic ties and boost the investment flow.
The parties will work together to identify attractive investment projects that could strengthen bilateral economic ties and increase investment flows between Russia and Turkey, according to a follow-up release by the RDIF .
The respective agreement was signed on March 10 in the presence of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan during the latter’s visit to Moscow.
According to the agreement, the RDIF and the TWF will invest up to $500 million each in the Russia-Turkey Investment Fund.
“We are pleased that business activity gives an impetus to the development of Russian-Turkish relations. The RDIF has been in close contact with its Turkish partners since the TWF’s foundation. A common approach to the investment process will promote the development of economic cooperation and make it more effective. The RDIF and the TWF are already in talks on a number of potential joint investment projects,” said RDIF CEO Kirill Dmitriev.
“We believe the Turkey-Russia Investment Fund will accelerate the development of economic relations between our two countries. The TWF Wealth Fund and the RDIF will contribute to the growth and prosperity of their economies and will pursue mutually profitable investment opportunities both in Turkey and Russia. We are also excited that this will be one of the first international initiatives of the newly established TWF. We hope it will be the first step towards a long lasting relationship between the two institutions,” said TWF Chair and CEO Mehmet Bostan.