Cooperation agreement was signed between the Ministry of Economy of the Republic of Tatarstan and “Turk Capital Holding” company

Today in thу House of Government the Cooperation agreement was signed between the Ministry of Economy of the Republic of Tatarstan and “Turk Capital Holding” company.On the part of the RT Ministry of Economy the document was signed by Marat Safiullin, from the part of “Turk Capital Holding” – by the Executive Officer of the company Fawaz K. Al-Issa.

Prime Minister of the Republic of Tatarstan Rustam Minnikhanov took part in the ceremony. The agreement was the first step in realization of mutually advantageous cooperation arrangements between the republic and “Turk Capital Holding” company, he said.

Mr. Fawaz K. Al-Issa noted that “Turk Capital Holding” is the affiliate company of KFH - Kuwait Finance House and its authorized capital makes up 150 billion US dollars.

The main activity of “Turk Capital Holding” is the investment in projects which was being implemented in Turkey, Kazakhstan, Azerbaijan and other Islamic countries.

Minister of Economy Marat Safiullin noted that at present the republic is interested in the use of Islamic finance for the investment in some promisisng projects. He argued, that agreements have been made about the establishment of joint enterprise with the partisipation of “Turk Capital Holding” (75%) and the Republic of Tatarstan (25%). The authorized capital of the enterprise by estimate will make 10 billion US dollars.

It is expected that the enterprise will contribute in the growth of development markets in the Republic of Tatarstan (the project of Kazanka right bank development in cooperation with “Millenium Zilant City”).

Besides, RT Prime Minister Rustam Minnikhanov suggested to the “Turk Capital Holding” company management to consider the possibility of direct investment in the construction of the projects for the Universiade 2013 in Kazan (hotels, sport facilities). “We are ready to support foreign investors who will not only finance our projects, but will be interested in capital contribution”, he said.