Russian fund, Turkey’s Rönesans agree to $400 mln joint investment

Russian fund, Turkey’s Rönesans agree to $400 mln joint investment

Russian fund, Turkey’s Rönesans agree to $400 mln joint investment

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The Russian Direct Investment Fund (RDIF) and Turkish construction and investment firm Rönesans Holding have agreed to expand cooperation and invest up to $400 million in joint healthcare, construction and infrastructure projects, the RDIF said on Aug. 9, as reported by Reuters.

Under the agreement, signed on Aug. 9, state-backed RDIF and Rönesans Holding, which controls Russia-focused construction company Renaissance Construction, could invest up to $200 million each into the partnership.

“The sides are searching for attractive investment projects across the Russian Federation. The areas of medical care, construction, infrastructure and commercial real estate have been selected as those of highest priority for cooperation between RDIF and Rönesans Holding,” RDIF said, as quoted by TASS news agency.
Kirill Dmitriev, CEO of the RDIF, said during the signature ceremony: “We are pleased to continue cooperation with Rönesans Holding. RDIF and Rönesans have been actively evaluating a number of attractive joint projects in Russia leveraging Rönesans experience in infrastructure, construction, healthcare, energy, and real estate development. We hope that our ties and the experience in implementing joint projects in Russia and Turkey will make a significant contribution to the strengthening of the investment partnership between the two countries.”

“As a company born in this country, we have always regarded Russia as one of our most important investment partners. Since the establishment, we have successfully completed various projects and developed strong relationships in the Russian market. As the next stage of this work, we are proud to be partnering with RDIF and strengthening the investment partnership between Turkey and Russia. We believe that implementing joint projects in both countries will strengthen their respective economies,” said Dr. Erman Ilıcak, President of Rönesans Holding. 

RDIF and Rönesans Holding first announced plans to jointly invest $400 million in Russia in 2014. 

RDIF, with $10 billion of reserve capital, was created in 2010 to co-invest alongside foreign firms to give them greater comfort in Russia’s business environment.