BISHKEK, Kyrgyzstan, January 12. Kyrgyz President Sadyr Japarov signed the law "On the ratification of the agreement to establish the Turkic Investment Fund, signed on March 16, 2023 in Ankara", 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 Fund is being established by 5 members of the Organization of Turkic States - Kazakhstan, Azerbaijan, Türkiye, Uzbekistan and Kyrgyzstan.
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 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.
Kyrgyzstan's contribution to the Fund will come from the national budget over a three-year period. An initial contribution of $5 million will be made by the fund's founders within 90 days after the constituent meeting of shareholders. The remaining amount will be disbursed in three annual installments of $18 million, $23 million, and $24 million.
The fund's objective is to enhance trade relationships among Türkiye, Azerbaijan, and the Central Asian countries. With its headquarters in Istanbul, the fund is expected to support the development of intra-regional trade, small and medium-sized enterprises, logistics networks, agriculture, green energy, and tourism.
The fund will serve as a financial resource for prioritized business projects in the member countries of the Organization of Turkic States (OTS), with a total authorized capital of $500 million.