The two parties will invest in the healthcare and infrastructure sectors, using public private partnership (PPP) models, and also the construction of new shopping centers in the regions. The agreement was signed during the state visit of Russian President Vladimir Putin to Turkey.

Kirill Dmitriev, CEO of the RDIF, said:

"With operation in Turkey, Russia and the CIS, Europe and the MENA region Renaissance has vast experience in sectors that will help to support the development of Russia's regions. Due to the Company's expertise in infrastructure we intend to target projects such as the construction of healthcare centers, transport and commercial real estate projects including the development of new shopping centers in the regions. We would also capitalize on Renaissance' track record of initiating public private partnership (PPP) models and multi-year concessions in Turkey which we intend to implement in Russia."

Dr. Erman Ilicak, Chairman of Renaissance Holding, said:

"We are excited and honoured to establish this partnership with RDIF, a very reputable Russian institution. We pride ourselves on working with world-leading partners in all our lines of business and RDIF has become one of them. Our targets are well aligned with RDIF's and I am confident we will invest in many joint projects in the near future."