ASTANA, Kazakhstan, September 23. The initial capital of the Turkic Investment Fund will be $500 million, Minister of National Economy of Kazakhstan Alibek Kuantyrov said in an interview with local media, Trend reports.
"The obligatory share will be $350 million, that is, $70 million for each country. All members with equal shares will have an equal vote," he said.
According to him, some observer countries also express a desire to join this fund.
"As a result of the creation of the fund, Kazakhstan will be able to attract money from the fund to implement investment projects in the field of sustainable development in the country. These are the areas of tourism, green economy, energy, agro-industrial complex, development of transport infrastructure, etc.," he said.
As Kuantyrov noted, the head of the fund is the Kazakh representative, former head of the Organization of Turkic States Baghdad Amreyev.
"Projects to be financed by the fund will undergo appropriate examinations. The first project under the fund could begin at the end of 2024 or at the beginning of 2025," he added.
The Turkic Investment Fund is the first joint financial institution for economic integration in 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.