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Turkey and Russia plan to form joint investment fund

Turkey and Russia plan to form joint investment fundRussian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan agreed to form a joint investment fund between two countries, Russian Economy Minister Alexei Ulyukaev said on Sunday.

The two leaders met on the sidelines 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," he added.

Since their meeting in August, Putin and Erdogan have been working to reestablish ties after they deteriorated following the downing of a Russian plane on the Syrian border by Turkish forces last year.

Last month Turkey had announced plans for a sovereign wealth fund in its try to boost annual growth over the next decade and attract investors after a failed coup attempt in July.
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