ASTANA, Kazakhstan, October 5. Deputies of the Senate of the Parliament of the Republic of Kazakhstan approved the law "On ratification of 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 2021.
The agreement on the establishment of the Fund was signed within the framework of an extraordinary summit of the Heads of State of the Member States of the Organization of Turkic States on March 16, 2023, in Ankara.
The founders of the Fund are 5 member states of the Organization of Turkic States - Kazakhstan, Azerbaijan, Türkiye, Uzbekistan and Kyrgyzstan.
The initial capital of the Turkic Investment Fund will be $500 million. The obligatory share will be $350 million, that is, $70 million for each country. All members with equal shares will have an equal vote.
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 inter-regional trade and supporting economic activity.