The Turkic Investment Fund, which is currently being created, will provide financial support to entrepreneurs working in Azerbaijan’s Karabakh region (liberated from Armenian occupation), Secretary-General of the Cooperation Council of the Turkic-Speaking States (Turkic Council) Baghdad Amreyev told Trend in an interview.
According to Amreyev, the investment fund will start functioning soon.
The secretary-general noted that the investment fund of the Turkic Council is aimed at financing small and medium-sized enterprises (SMEs), the construction of large infrastructure facilities, and establishing contacts between entrepreneurs of the participating countries.
He said that the initial capital of the fund will be $450 million, and is planned to be brought up to $1 billion within a year.
"The fund's budget, first of all, will be formed at the expense of state funds and funds of financial organizations," said Amreyev.
The secretary-general stressed that the Turkic Council is interested in working not only in Karabakh but also in other territories of Azerbaijan.
"Companies from the countries of the Turkic Council will work in Azerbaijan for the creation of infrastructure, tourism facilities, renewable energy sources, and in a number of other areas," he said.
Follow us on Twitter @AzerNewsAz