Sourced : Al Monitor
By Mustafa Sonmez
The International Forum of Sovereign Wealth Funds (IFSWF) announced May 23 the approval of the membership application of Turkey’s sovereign wealth fund, created hastily last year amid criticism that it looks like a “parallel budget” to deal with growing economic woes. The IFSWF, a global network of sovereign wealth funds, includes members from more than 30 countries representing over $3 trillion of global assets under management.
The Turkey Wealth Fund (TVF), which manages assets worth about $40 billion, is still in a fledgling stage, trying to grow through joint funds with other countries. The first such fund was established with Russia, and a protocol was signed with Qatar for the second one.
The accord triggered reports in April that Caykur, the state-owned tea giant in the TVF portfolio, had been sold to the Qataris, which officials denied. What is actually on the cards, though, is Caykur’s handover to the Turkish-Qatari fund as part of other potential moves to flesh out the joint venture.
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