Middle-east Arab News Opinion | Asharq Al-awsat

Turkey to Accept Partners in Sovereign Wealth Fund | ASHARQ AL-AWSAT English Archive 2005 -2017
Select Page
Media ID: 55367180

Turkish Airlines aircrafts are parked at the Ataturk International airport in Istanbul, Turkey December 3, 2015. REUTERS/Murad Sezer/File photo

Ankara -The Turkish Government said it will increase contributors to its Sovereign Wealth Fund founded in August, so it includes companies and funds of foreign wealth.

Turkish Minister of Finance Naci Agbal told Reuters that banks and foreign sovereign wealth funds are interested in cooperating with the Turkish Sovereign Wealth Fund.

The Minister said new assets will be transferred to the fund soon, after the transfer made with Halkbank and Turkish Airlines stakes. He also revealed that the revenues targeted from privatization in 2017 have been maintained at 13 billion lira (USD3.46 billion).

The Turkish Council of Ministers has decided to join companies and banks from both the treasury and the privatization program to the Sovereign Wealth Fund. According to the decision, work plans and management policies of these companies will be determined to serve strategies of development and investment.

Companies and banks which transferred their shares to the Sovereign Wealth Fund include: Ziraat Bank, the Borsa Istanbul stock exchange, pipeline operator Botas, the PTT post office, satellite communications company Turksat, Eti Maden mining company and tea producer Cayku.

Stakes from Turkish Airlines, fixed-line operator Turk Telekom, and Halkbank were also among the joined companies.

Meanwhile, Ankara is set to raise an issue of lifting visa restrictions at a scheduled meeting of the Russian-Turkish Cooperation Council, Mehmet Mehdi Eker, deputy chairman of the Turkish ruling party Justice and Development (AKP) said.

He said cooperation between both countries requires communication among individuals and companies of private and public sector.

Therefore, easier reciprocal trips should be granted to people in our countries, particularly the business community and investors, he noted.

He said that lifting visa restrictions will begin for representatives of the business community, and will gradually include Turkish citizens.

Eker added that an expected visit by President Recep Tayyip Erdogan to Russia will put the visa waiver proposal on the table. The issue will also be discussed during the Russian-Turkish cooperation meeting.