The Turkish government has ordered the transfer of billions of dollars in state assets to a sovereign wealth fund, in a huge shake-up of holdings aimed at financing ambitious infrastructure projects championed by President Recep Tayyip Erdogan.The assets being transferred to the sovereign wealth fund range from wholly state-owned Ziraat Bank, the government's minority shareholding in flag carrier Turkish Airlines, as well as smaller firms like the state tea-making company.Ozgur Altug, economist at BGC Capital in Istanbul, said in a note to clients he estimated the value of the transferred assets to be $33 billion and the wealth fund would enjoy the dividends rather than the budget.
