Turkey - 02

Turkey: The New Sovereign Wealth Fund: Meaning for Investors

In an overnight move in early February, the Turkish government transferred a large number of key state-owned assets to a newly established sovereign wealth fund, known in Turkish as TVF. The most important enterprises transferred to the fund are TC Ziraat Bankasi, the oldest agricultural subsidy bank, TPAO, BOTAS, Halkbank, Turkish Airlines and Turk Telekom. The intent for this sudden move, as explained by Prime Minister Binali Yildirim, is “better coordination of major state assets” to complement the planned long-term strategic investment initiative that will be announced in the coming weeks.

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