Turkey, Economy

Turkey names head of new wealth fund

Mehmet Bostan becomes first general director of the country's national fund

Turkey names head of new wealth fund Mehmet Bostan



Turkey has appointed Wednesday the head of the country's privatization administration to oversee its newly established wealth fund, reflecting Ankara's drive to bolster its annual growth over the next decade.

Mehmet Bostan, 45, thus becomes the first general director of the country's first national fund, according to an official decree signed by Turkish Prime Minister Binali Yildirim on Wednesday.

After the defeated July 15 coup attempt, the Turkish government in August introduced a bill to parliament to set up a fund to keep growth up and reassure investors unnerved by the upheaval.

Financing for the fund will be provided by government asset sales, cash surpluses from the state privatization fund and other state institutions, the draft law reads.

It will also be able to establish other funds under its management, if need be. The fund may also issue capital market instruments, according to the new legislation.

The fund will be exempted from several laws and regulations governing state institutions, including anti-trust laws and state economic enterprises.

Bostan was appointed president of the privatization administration in February.

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