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Turkey’s Wealth Fund Is Ready to Spend After Year of M&A

  • TWF’s influential chief speaks about investment plans in 2021
  • After flurry of mergers, fund focus shifts to capital spending
SOCARâs STAR Refinery in Turkey

Photographer: Mehmet Emin Menguarslan/Anadolu Agency/Getty Image

Turkey’s sovereign wealth fund plans to invest $15 billion in industries including energy, petrochemicals and gold mining as part of a program designed to reduce the economy’s vulnerabilities.

The investor is focusing on those areas where Turkey constantly runs a deficit in foreign trade, according to Chief Executive Officer Zafer Sonmez. The fund, known as TWF, is now beginning with the projects that will span over the next five years, he said.