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Turkey to set up €15mn sovereign wealth fund to support struggling economy

Posted on 19 August 2016

Turkey will set up a sovereign wealth fund with an initial capital of TRY50mn (€15mn), Economy Minister Namik Zeybekci said on August 17. Ankara will target to raise the fund’s size to $200bn at a later stage, Bloomberg reports.
The ruling Justice and Development Party (AKP) has already submitted a bill to parliament to create the sovereign wealth fund that it says will be used to finance infrastructure projects. Its strategic aim is to generate annual growth of 1.5% over the next 10 years. The creation of the fund would not threaten the country’s low budget deficit, Prime Minister Binali Yildirim has said………………………………………..Full Article: Source


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