Russia and Turkey will launch a joint investment fund – RDIF
The Russian Direct Investment Fund (RDIF) and the Turkish Wealth Fund (Turkiye Wealth Fund - TWF) have agreed on final terms of cooperation and will launch the Russian-Turkish Investment Fund, RDIF said in a press release on Tuesday.
The relevant agreement was signed in Ankara in the presence of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan on Tuesday.
"The agreement will see both parties contribute $500 million to the Fund. Investments will be made in projects that strengthen trade, economic and investment ties between Russia and Turkey. In particular, the parties will focus on the infrastructure construction, healthcare and information technology sectors," according to the press release.
"We are happy that all agreements with our Turkish counterparts have been finalized, allowing us to move from identifying attractive investment opportunities to executing those investments. Our investment teams have already assessed exciting projects in the field of information technology and healthcare. We have established excellent connections with Türkiye Wealth Fund and hope to announce important joint projects in the near future," Kirill Dmitriev, CEO of RDIF, said as quoted by the press release.
RDIFwas established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow.
TWF is the sovereign wealth fund of Turkey and was established in 2016. TWF’s mission is to develop Turkey’s strategic assets, to grow their value and thereby to provide funding for Turkey’s priority investments.