Turkey transfers billions to sovereign fund



Turkey has transferred government stakes worth billions of dollars in Turkish Airlines, major banks and fixed-line operator Turk Telekom to a sovereign wealth fund set up last year to help finance big-ticket infrastructure projects.
Ankara has ambitious plans for the fund, established last August with initial capital of 50 million lira ($13.6 million). It wants the fund to manage $200 billion in assets as soon as possible, the economy minister has said.
The state’s 49.1 percent stake in flag carrier Turkish Airlines – worth roughly $1 billion – and its 51.1 percent of lender Halkbank – worth some $2 billion – have been transferred to the fund, a statement from the government’s privatisation administration said on Monday.
Stakes in state-owned Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas have also been transferred, according to an announcement in the country’s Official Gazette on Sunday.

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