Russia, Turkey to Form Joint Investment Fund: Russian Minister

TEHRAN (Tasnim) – Russian Economy Minister Alexei Ulyukaev said on Sunday President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan had agreed to form a joint investment fund between their two countries.

Russia, Turkey to Form Joint Investment Fund: Russian Minister

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

"We are concluding work on the formation of a Russian-Turkish investment fund," Ulyukaev said, Reuters reported.

"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," he said.

"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.

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