ASTANA, Kazakhstan, September 20. The Parliament of Kazakhstan has ratified the Agreement on the establishment of the Turkic Investment Fund, Trend reports.
The initiative to establishment the fund was proposed by Azerbaijan during the informal summit of the Organization of Turkic States (OTS) in March of 2021.
Presenting the bill at the plenary session of the chamber, Minister of National Economy Alibek Kuantyrov noted that in the conditions of the current global geopolitical instability, diversification of Kazakhstan’s external relations is one of the main goals.
"As evidence, we continue to work to enhance cooperation in all areas that can ensure sustainable growth in economic sectors. In this regard, in addition to bilateral cooperation, we actively interact within the framework of multilateral platforms, including within the framework of the Organization of Turkic States," he said.
According to him, the task of the OTS countries is to create comfortable conditions for attracting investment in advanced sectors of the economy, to stimulate the emergence of new technologies, and their active implementation. One of the main priorities in this direction was the creation of the Turkic Investment Fund.
The Turkic Investment Fund is the first joint financial institution for economic integration of the Turkic world. Its goal is to promote the economic development of member states of the Organization by expanding intra-regional trade and supporting economic activity.
"The Fund will perform the following functions through investment activities - financing projects of small and medium-sized enterprises, supporting the creation and modernization of physical and digital infrastructure, supporting development projects in areas of mutual interest, including industrial production, transport, agriculture, tourism and the green economy. It is important to note that these projects, first of all, allow creating new jobs and diversifying the economy of Kazakhstan," he said.
The authorized capital is divided into paid shares with a total par value of $350 million, as well as attracted shares with a par value of $150 million. Each country accounts for $70 million of paid shares.
"The adoption of the Law will allow Kazakhstan to become an active participant in the Turkic world, a full-fledged creator country of the Turkic international financial organization, to receive financing for projects in priority sectors of the economy, especially in the development of SMEs, as well as to strengthen trade and economic cooperation within and outside the OTS region," he said