Global private equity firm Cerberus Capital Management and Turkish bank Garanti Securities will jointly invest up to $1 billion in Turkey, AltAssets reports. They are looking to make individual initial investments of $400 million and generate $600 million from outside investors. They could also raise an additional $1 billion in debt.

The two are planning to invest between $50 million and $250 million per deal. With real GDP growth of 8.9 per cent in 2010, Turkey is the fastest developing economy among the Organization for Economic Cooperation and Development countries.

Click here for the story from AltAssets.