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Turkish wealth fund more akin to national development bank - S&P
February 10, 2017 / 9:40 AM / 9 months ago

Turkish wealth fund more akin to national development bank - S&P

ISTANBUL, Feb 10 (Reuters) - 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 Daren Butler)

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