Turkish Development, Investment Bank discloses collaboration with Turkish Ministry of Finance
Date
7/11/2024 5:49:26 AM
(MENAFN) On Thursday, the Turkish Development and Investment bank made a significant announcement, disclosing its collaboration with the Turkish Ministry of Finance to establish a new investment fund valued at USD50 million. Under the terms of the agreement, the Ministry of Finance has committed to injecting USD35 million into the fund, while the Turkish Development and Investment Bank will contribute USD15 million.
The initiative was formalized through a protocol signed between the Turkish Development and Investment Bank and the Ministry of Finance, aimed at creating the highest fund within the framework of the Turkish Development Fund. While specific details on the fund's operational focus were not detailed in the bank's statement, the establishment of this substantial fund underscores Turkey's strategic commitment to bolstering investment opportunities and economic development initiatives.
The newly established fund is expected to play a pivotal role in financing various sectors of Turkey's economy, supporting innovation, infrastructure projects, and fostering economic growth. This partnership between the Turkish Development and Investment Bank and the Ministry of Finance reflects a concerted effort to leverage financial resources effectively towards sustainable development goals and enhancing the country's economic resilience amid global economic challenges.
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