Deals
Turkey Unveils Draft Details of Planned Sovereign Wealth Fund
- Draft law orders foundation of Turkey Wealth Fund TVF
- Fund to be financed with income from sale of state assets
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Turkey’s government took the first steps toward creating a sovereign wealth fund that officials say can be used to stabilize markets and fund infrastructure projects in the wake of a failed coup attempt.
Prime Minister Binali Yildirim sent a bill on the fund to parliament after his cabinet’s approval, according to a copy of the draft obtained by Bloomberg on Tuesday. The proposal allows the government to establish a wealth management company called Turkiye Varlik Yonetimi AS with a capital injection of 50 million liras ($17 million), to be financed from the state Privatization Fund. That company would create another entity, Turkiye Varlik Fonu, or Turkey Wealth Fund TVF, and other funds as it sees necessary, according to the draft.