Joint $1bln Russia-Turkey investment fund to be signed at G20

Russian President Vladimir Putin (right), and Turkish President Recep Tayyip Erdogan shake hands during a news conference after their talks in the Konstantin palace outside St. Petersburg, Russia, on Aug. 9, 2016. (Reuters)

The Russian Direct Investment Fund (RDIF) plans to sign a joint investment fund memorandum of understanding with Turkey worth over $1 billion at the upcoming G20 summit in China, RDIF CEO Kirill Dmitriev told Russia’s Rossiya-24 broadcaster on Friday.

The two-day summit of the world’s 20 biggest economies begins on Sunday in the eastern Chinese city of Hangzhou.

"We will sign a memorandum of understanding that we are creating a joint Russian-Turkish fund [at the summit]. The amount will be more than $1 billion," Dmitriev said.

On Thursday, the CEO forecast that the joint fund’s first projects would be financed in 2017.

Gas pipeline

Meanwhile, Russian President Vladimir Putin said he thinks the Turkish stream gas pipeline project will be eventually implemented, reports Reuters quoting Russian media sources on Friday.

“I think we will implement it eventually, at least its first part, related to expanding of transport capabilities and increasing supplies to the Turkish domestic market," Putin said.

He added there would be a capability for supplying Europe as well but those supplies would depend on the decision by the European Commission.

Last Update: 10:59 KSA 13:59 - GMT 10:59