RDIF, Turkiye Wealth Fund create Russia-Turkey Investment Fund
MOSCOW. March 10 (Interfax) - The Russian Direct Investment Fund (RDIF) and Turkiye Wealth Fund (TWF) have signed a memorandum establishing the Russia-Turkey Investment Fund, the RDIF said in a press release.
"The parties will work together to identify attractive investment projects that could strengthen bilateral economic ties and increase investment flows between Russia and Turkey," the RDIF said.
The agreement was signed in the presence of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan during the latter's state visit to Russia on Friday.
According to the agreement, RDIF and TWF will invest up to $500 million each in the Russia-Turkey Investment Fund.
"We are pleased that business activity gives impetus to the development of Russian-Turkish relations. RDIF is in close contact with its Turkish partners since TWF's foundation 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," said Kirill Dmitriev, CEO of RDIF.