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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

In wake of coup attempt, Turkey eyes sovereign wealth fund

Posted on 03 August 2016

Turkish lawmakers on Tuesday put forward legislation to create a sovereign wealth fund intended to boost annual growth over the next decade, an ambitious target for a fund with $16 million in start-up capital and a country with little energy revenue.
Its backers hope it will serve to reassure investors unnerved by a failed coup attempt and a subsequent crackdown on the military, police and civil service which has heightened concerns about President Tayyip Erogan’s tightening grip on power. The July 15-16 failed putsch caused economic damage amounting to about 300 billion lira ($100 billion), according to Customs and Trade Minister Bulent Tufenkci quoted by Hurriyet newspaper on Tuesday………………………………………..Full Article: Source


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