During Russian President Vladimir Putin’s April 3 visit to Turkey, the two sides finalized an agreement on the creation of a $500 million joint investment fund, among other deals. The fund, which, according to official statements, will focus on infrastructure, health care and information technology projects, will be a joint venture between Ankara’s sovereign wealth fund, the Turkey Wealth Fund (TWF) and the Russian Direct Investment Fund.
The deal comes as another sign of the growing ties between Turkey and Russia, but how it will unfold is a curious question, for the future of the TWF itself is mired in uncertainty. Ever since its creation in 2016, the TWF has been under criticism, and even President Recep Tayyip Erdogan has admitted that it has been a failure, calling for restructuring. The main opposition, meanwhile, calls for dissolving the fund altogether.
