ISTANBUL Feb 10 Turkey's new sovereign wealth
fund is more akin to a national development bank, with its
design suggesting an effort to create a funding vehicle by
leveraging up assets, S&P analyst Frank Gill said on Friday.
Turkey has transferred government stakes worth billions of
dollars in Turkish Airlines, major banks and
fixed-line operator Turk Telekom to the fund set up last year to
help finance big-ticket infrastructure projects.
"In this way we regard it as a quasi-fiscal instrument,
almost akin to a national development bank, that can be used to
finance public spending outside of the central government
perimeter," Gill, Senior Director Sovereigns and International
Public Finance EMEA, said in emailed comments to Reuters.
(Reporting by Can Sezer; Writing by Nick Tattersall; Editing by