Putin and Erdogan agree to establish joint investment fund
Russian President Vladimir Putin and his counterpart Recep Tayyip Erdoğan have agreed to create a joint investment fund between the two countries, according to Russian Economy Minister Alexei Ulyukaev, Reuters reported.
Putin and Erdoğan discussed the possibility on the sidelines of the G20 summit in China.
"We are concluding work on the formation of a Russian-Turkish investment fund. At the end of August, Turkey made the necessary legislative changes to create a corresponding partner to our direct investment fund - the Turkish sovereign wealth fund," Ulyukaev stated.
"I think by some time in October or November we will have a list of projects and allocate a credit line to begin work,” he added.
Ankara and Moscow have been working to restore ties following a deterioration of relations resulting from the downing of a Russian Su-24 frontline bomber by a Turkish F-16 fighter over the Syrian-Turkish border in November of last year. In June, Erdoğan issued an official apology to Putin over the incident, and relations between the two countries have improved significantly since then.