Turkey Wealth Fund to invest $250 million in technology

Turkey Wealth Fund to invest $250 million in technology

Turkey Wealth Fund to invest $250 million in technology

Turkey Wealth Fund (TWF) General Manager Arda Ermut has said that the fund received approval from the board of directors for the establishment of a $250 million technology fund.

“We aim to invest in value-added, leading areas of the new economy that will fill the gap in the ecosystem in our country,” the CEO told lawmakers during a presentation about TWF’s operations to the Planning and Budgetary Commission in parliament on Jan. 6.

The fund’s portfolio includes 28 companies in seven sectors, two licenses and 46 real estates, Ermut said. State lenders Ziraat Bank, HalkBank and VakıfBank; the country’s stock exchange market Borsa Istanbul; Turkish Airlines; GSM giants Turkcell and Türk Telekom and natural gas firm Botaş are among them.

Ermut also noted that TWF owns the majority of the shares of the Istanbul Finance Center project. The construction of the IFC in the country’s metropolis and commercial hub is expected to be completed this year, according to Ermut’s remarks.
Independent audits are performed for each companies in the portfolio of TWF. They are followed by an audit performed by the State Supervisory Board, and the process ends with the audit of the parliament.

In March last year, Turkey’s sovereign fund finalized a syndication loan transaction amounting to 1.25 billion euros ($1.48 billion) with the participation of 14 banks from Asia, Europe, North America and the Middle East.