News

Turkey’s SWF makes greenfield investment

The Hagia Sophia cathedralThe Turkish sovereign wealth fund (TVF) is set to make a series of investments into greenfield energy projects as sovereign funds continue to enhance their ESG credentials. For the first time, the TVF will make investments in the energy sector in cooperation with the private sector and foreign capital and will focus on projects involving petrochemical, mining and energy generation form local sources. The plans were revealed in the publication of the fund’s New Economy Program which covers the period of 2020-2022 and has the sub-heading “Change Begins”. The rationale for the investments is to reduce Turkey’s energy input costs and imports in the energy sector, officials say. While Turkey’s economy is projected to grow by 5% over the next three years, its energy costs are also expected to rise at the same rate. Turkey’s energy import bill is forecast to be more than $41 billion by the end of 2019, rising to $45.7 billion by 2022. ©2019 funds global mena

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