Turkey establishes funds to promote venture capital

ISTANBUL

Seeking to promote venture capital investment in the country, Turkey has established two funds, said the nation’s industry and technology minister on Tuesday.

"We have taken action to boost venture capital investments, to ensure that the private sector focuses on this field, and to spread these investments throughout the country," Mustafa Varank said.

"The Technology and Innovation Fund, and Regional Development Fund will serve these objectives," he added.

The funds will invest in technology, industry, and innovation in Turkey to accelerate sweeping transformations in the country, Varank stated.

The investments will be managed by Development Bank of Turkey and the ministry.

The funds will also help companies take more rational investment decisions, he said.