A Gulf investment fund made up of three financial institutions plans to invest at least $150 million in 2009 in Turkey's agricultural sector, a report said.

The vehicle is made up of Ithmaar Bank, Gulf Finance House and Abu Dhabi Investment House, under the umbrella of a project called Vision3 to invest in agriculture, infrastructure and hospitality.

Foreign direct investment is much needed in Turkey due to its gaping current account deficit, which has been projected by some government officials to reach $50 billion in 2008.

The country has been hit hard by foreign capital flight since the beginning of the global finance crisis. "The agricultural investments will be at least $150 million, and we're looking at partners in Turkey," an official at a financial institution working with the fund told Reuters on the sidelines of the World Economic Forum.

He added that the investment amount could be much higher and said that specifics would be announced on Friday.

Vision3's agricultural investments vehicle has paid-up capital of $1 billion and authorised capital of $3 billion. - Reuters