Parliament ratifies agreement on establishment of Turkic Investment Fund
The Parliament of Kyrgyzstan in the first reading ratified the agreement on the establishment of the Turkic Investment Fund, signed on March 16 in Ankara (Turkiye).
Deputy Minister of Economy and Commerce Nazarbek Malaev noted that the authorized capital of the fund is $500 million. It is divided into paid shares ($350 million) and callable shares ($150 million).
Kyrgyzstan's share is $70 million and will be allocated from the republican budget within three years.
Nazarbek Malaev stressed that the headquarters of the Turkic Investment Fund with the status of an international financial organization will be located in Istanbul and will operate for 20 years. The Board of Governors may extend the life of the fund or close it. The fund will be managed by a president who is appointed for four years.
The initiative to create an investment fund for the countries of the Organization of Turkic States (OTS) belongs to the Turkish President Recep Tayyip Erdogan, who voiced this proposal at the OTS summit in Samarkand in November 2022. The project is aimed at developing trade relations between Turkiye, Azerbaijan and the countries of Central Asia.
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