Russian fund forms int’l consortium to invest in Turkish company’s projects in Russia

Hurriyet Dailynews, 12.03.2017

The Russian Direct Investment Fund (RDIF ) said in a statement on March 10 that it has finalized the key terms of cooperation with Ronesans Holding, the construction, real estate development and investment company.

RDIF  said it formed a consortium of the world’s leading sovereign wealth funds to invest in the development of Ronesans Holding’s projects in Russia.

The consortium will invest in projects in a wide range of sectors in Russia, it added.

The corresponding agreement was reached as part of Turkish President Recep Tayyip Erdogan ’s recent official visit to Russia.

The implementation of joint projects with Ronesans Holding will create up to 2,500 jobs at the development stage and over 1,000 jobs at the operational stage, according to the statement.

It will significantly contribute to the budget of the Russian Federation through both direct and indirect taxes, it added.

RDIF  and Ronesans Holding are working alongside other investors on opportunities in developing healthcare centers and transport infrastructure, including bridge and toll road construction.