Turkey, Russia building new investment platform for joint projects across Russia’s regions

ANKARA

The Russian Direct Investment Fund (RDIF) and Renaissance Holding of Turkey have agreed to jointly invest in projects across Russia’s regions.

The two parties will invest in the healthcare and infrastructure sectors, using public private partnership (PPP) models, while also undertaking the construction of new shopping centers in the regions.

“With operations in Turkey, Russia and the CIS, Europe and the MENA region, Renaissance has vast experience in sectors that will help to support the development of Russia’s regions. Due to the company’s expertise in infrastructure, we intend to target projects such as the construction of healthcare centers, transport and commercial real estate projects, including the development of new shopping centers in the regions. We will also capitalize on Renaissance’ track record of initiating public private partnership (PPP) models and multi-year concessions in Turkey which we intend to implement in Russia,” said Kirill Dmitriev, CEO of the RDIF, said Dec. 1 at a signing ceremony between the two parties held in Ankara on the sidelines of Russian President Vladimir Putin’s official visit to the Turkish capital.

Putin is meeting his Turkish counterpart, Recep Tayyip Erdoğan, on Dec. 1 for talks expected to include foreign policy, more energy cooperation and steps toward a bilateral trade goal of $100 billion a year.

For his part, Erman Ilıcak, chairman of Renaissance Holding, expressed his honor at establishing a partnership with RDIF, which he defined as “a very reputable Russian institution.”

“We pride ourselves on working with world-leading partners in all our lines of business and RDIF has become one of them. Our targets are well-aligned with RDIF’s, and I am confident we will invest in many joint projects in the near future,” Ilıcak said.