Russia, Turkey Create İnvestment Fund For up $1 Billion

Thee Russian Direct Investment Fund (RDIF) and Türkiye Wealth Fund (TWF) signed the memorandum in the presence of Russian President Vladimir Putin and Turkish President Tayyip Erdogan during a visit by Erdoğan to Moscow.

“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,” Kirill Dmitriev, the head of the Russian fund said in a statement.

The joint fund is one of the first international initiatives of the newly established Türkiye Wealth Fund, Mehmet Bostan, its chief executive, said in the same statement.

RDIF and TWF did not elaborate on the sectors into which the fund would invest. Russia’s Kommersant newspaper reported earlier on Friday that the new fund would invest in healthcare and tourism.

Ankara and Moscow are conducting all kinds of military cooperation in Syria, President Recep Tayyip Erdoğan told a press conference March 10 with his Russian counterpart Vladimir Putin in Moscow.

“There are all kinds of military cooperation in military pace in Syria,” Erdoğan said.

The president also voiced determination in maintaining cooperation regarding humanitarian aid in the war-torn country.

Meanwhile, Putin also said he appreciated the cooperation of intelligence and military units.

“We rate very highly the level of interaction achieved between the special services of Russia and Turkey and between the two countries’ military,” Putin said as quoted by TASS news agency.

Erdoğan also reiterated that the territorial integrity of Syria should not be put in jeopardy, adding that Ankara has no toleration for the splitting of Syria and Iraq.

The top soldiers of Turkey and Russia, along with the U.S. Chairman of the Joint Chief of Staff, held a three-way military summit in Antalya on March 8 discussing developments in Syria and Iraq regarding the fight against the Islamic State of Iraq and the Levant (ISIL).