MOSCOW: Russia and Turkey signed a memorandum on Friday creating a joint investment fund into which each country will invest up to $500 million.
The Russian Direct Investment Fund (RDIF) and Türkiye Wealth Fund (TWF) signed the memorandum in the presence of Russian President Vladimir Putin and Turkish President Tayyip Erdogan during a visit by Erdogan to Moscow.
"A common approach to the investment process will promote the development of economic cooperation and make it more effective. RDIF and TWF are already in talks on a number of potential joint investment projects," Kirill Dmitriev, the head of the Russian fund said in a statement.
The joint fund is one of the first international initiatives of the newly established Türkiye Wealth Fund, Mehmet Bostan, its chief executive, said in the same statement.
RDIF and TWF did not elaborate on the sectors into which the fund would invest. Russia's Kommersant newspaper reported earlier on Friday that the new fund would invest in healthcare and tourism.