Turkey plans direct Treasury transfers to lure more investments: Şimşek

ANKARA

The government is planning to introduce a new regulation that will enable the Treasury to make direct transfers in a bid to encourage foreign funds to make more long-term investments in Turkey, Deputy Prime Minister Mehmet Şimşek stated on Nov. 12.

“Through a new regulation, we will pave the way for the Treasury to make direct transfers to funds,” Şimşek told state-run Anadolu Agency, reiterating an authorization previously given to the Treasury in 2014 to transfer funds to venture capital funds or mutual funds.

Şimşek also noted that the Treasury would create direct financing to all funds, including venture capital funds, development funds, tech-oriented funds and regional funds, as part of the bid to break Turkey out of the “middle-income trap.”