In Kazakhstan, the draft Decree on signing the agreement on the establishment of the Turkic investment fund will be submitted to the Presidency of the country. The related document was published on Electronic government website of the Republic of Kazakhstan, Turanews.kz reports.
“Creation of the Turkic investment fund in support of development projects in areas of mutual interest, including digital infrastructure, industrial production, infrastructure, transport, agriculture, information and communication technologies, green economy, tourism, development of intra-regional trade, financing of small and medium business projects, transport and logistics supports the expansion of chains, storage and production capacities, contributes to the creation and modernization of physical and production resources. Based on the above, the Government will introduce the draft Decree of the President of the Republic of Kazakhstan “On the establishment of the Turkic Investment Fund” for consideration.
The authorized capital of the Turkic Investment Fund is 500 million US dollars. The authorized capital shall be divided into 10,000 shares with a nominal value of 50,000 US dollars each. Accordingly, Kazakhstan will contribute one fifth of the authorized capital, i.e. 100 million US dollars.
Turkic Investment Fund will be the first and main joint financial institution established by the Turkic states and aims to mobilize the economic potential of member states of the Organization of Turkic States to strengthen the trade and economic cooperation between them and to implement joint projects.
The decision to create this fund was made by the leaders of Türkiye, Azerbaijan, Kyrgyzstan, Uzbekistan and Kazakhstan on November 12, 2021 in Istanbul.
Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus (TRNC) have observer status.
