G20: Russia, Turkey to Establish Joint Investment Fund: Russian Minister

تم نشره في Sun 4 September / Sep 2016. 12:00 AM - آخر تعديل في Sun 4 September / Sep 2016. 05:09 PM
  • Russia's President Vladimir Putin interacts with Turkey's President Erdogan as they pose for a group picture during the G20 Summit in Hangzhou, China September 4, 2016. – (REUTERS)

CAPITALS — Russian Economy Minister Alexei Ulyukaev said on Sunday President Vladimir Putin and his Turkish counterpart Tayyip Erdogan had agreed to form a joint investment fund between their two countries.

The two leaders met on the side-lines of the G20 summit in the eastern Chinese city of Hangzhou on Saturday.

"We are concluding work on the formation of a Russian-Turkish investment fund," Ulyukaev said. "At the end of August, Turkey made the necessary legislative changes to create a corresponding partner to our direct investment fund - the Turkish sovereign wealth fund."

"I think by some time in October or November we will have a list of projects and allocate a credit line to begin work."

Putin and Erdogan have been working to restore ties between the two former regional allies following the downing of a Russian plane on the Syrian border by Turkish forces last year.

Turkey announced plans for a sovereign wealth fund last month, intended to boost annual growth over the next decade and reassure investors unnerved by a failed coup attempt in July.