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Board of Governors of Turkic Investment Fund to meet in Türkiye's Istanbul

Kazakhstan Materials 13 May 2024 17:19 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, May 13. The first meeting of the Board of Governors of the member countries of the Turkic Investment Fund will be held in Türkiye, the spokesperson for the Kazakh Foreign Ministry Aibek Smadiyarov said, Trend reports.

“The inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) member countries will be held in Istanbul on May 17–18, 2024, with the participation of Deputy Prime Minister of the Republic of Kazakhstan, Minister of National Economy Nurlan Baybazarov, who is Kazakhstan's representative on the Board of Governors of the Fund,” Smadiyarov said.

According to him, the main purpose of the meeting - the official launch of work and making appropriate decisions regarding the management of the Fund, as well as strengthening economic ties between the founding countries and supporting sustainable development.

The agreement on the establishment of the Fund was signed within the framework of the extraordinary summit of the heads of the OTS member states on March 16, 2023, in Ankara.

Meanwhile, the fund's founders are 5 OTS member states: Azerbaijan, Kazakhstan, Türkiye, Uzbekistan, and Kyrgyzstan.

The initial capital of the Turkic Investment Fund will be $500 million. The mandatory share will be $350 million ($70 million for each country).

To note, the Turkic Investment Fund is the first joint financial institution for economic integration in the Turkic world. The objective is to promote the economic development of the OTS member states by enhancing interregional trade and supporting economic activities.

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