Russia's Alfa group to invest $3.3 billion in Turkcell

State Minister Kursad Tuzmen yesterday announced that Russia’s Alfa Group will make a $3.3 billion investment in Turkcell, the largest injection of foreign capital that Turkey has ever seen. Speaking after visiting Alfa Chairman Mikhail Fridman, Tuzmen said that this investment is important to both Turkey and Russia and is the result of Turkey’s economic stability. Speaking after the same meeting, Fridman said that the Russian government also supports this investment, adding that both countries will gain importance in their regions. He explained that the entire investment will come out of Alfa’s own resources, with $1.7 billion in credit and the remainder in convertible bills.Â