21.05.2024, 18:23 58651

Turkic Investment Fund officially started its activities

Turkic Investment Fund officially started its activities
Images | primeminister.kz
The first inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) member countries was held in Istanbul (Turkey). Nurlan Baybazarov, Deputy Prime Minister and Minister of National Economy, became Kazakhstan's representative in the Council, primeminister.kz reports.

The Turkic Investment Fund is the first joint financial institution for economic integration of the Turkic world countries. Its initial capital will be $500 million. The main purpose of the fund is to develop economic and commercial relations between Turkic countries. According to estimates of the Turkish Ministry of Finance, by the end of 2024 the Turkic states will occupy an important place in the world economy, reaching an economic volume of $1.9 trillion and a population of 178 million people.

Nurlan Baybazarov noted the special importance of the development of Turkic integration for Kazakhstan.

The government of Kazakhstan fully supports the start of the fund's activities. I am confident that it will become a catalyst for economic growth and development of the participating countries, will contribute to the deepening of investment cooperation and effective interaction in the implementation of joint projects," he said.

The fund will focus on supporting joint projects in various sectors. They will cover such areas as infrastructure, renewable energy, agriculture, tourism, IT and others.

The implementation of such projects will be aimed at creating new jobs and diversifying the economy. Cooperation under the fund will allow Kazakhstan to receive funding, grants and technical assistance to launch socially important projects, as well as strengthen trade and economic interaction with members of the Organisation of Turkic States.

Recall that the agreement on the establishment of the Turkic Investment Fund was signed at the extraordinary summit of the Organisation of Turkic States on 16 March 2023 in Ankara. The founding countries were Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Turkey.

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