Turkic Investment Fund officially launched
The inaugural meeting of the Governing Council of the member countries of the Turkic Investment Fund (TIF) took place in the capital of Türkiye, Ankara. Representing Kazakhstan in the Council was deputy Prime Minister – Minister of National Economy Nurlan Baibazarov, Kazinform News Agency has learnt from primeminister.kz.
The Turkic Investment Fund (TIF) is the first joint financial institute of the Turkic world economic integration with the initial capital of 500 million US dollars. The Fund aims at promoting economic and commercial ties between the Turkic states. According to the estimates of the Turkish Finance Ministry, the Turkic states are to occupy a key role in the global economy, with the cumulative volume of economy reaching 1.9 trillion US dollars and the total population of 178 million people by the end of 2024.
During the meeting, Baibazarov stressed the special role of the promotion of Turkic integration for Kazakhstan.
The Kazakh government fully supports the Fund’s inception. I’m convinced that it will be a catalyst for economic growth and development of the member countries, promote greater investment cooperation and effective interaction in implementing joint projects, he said.
The work of the Fund is to focus on promoting joint projects in different sectors, encompassing areas such as infrastructure, renewable energy sources, agriculture, tourism, IT and others.
Realization of such projects are to pursue creation of new jobs and economic diversification. Kazakhstan is to benefit from the Fund in terms of financing, grants and technical assistance to commence socially important projects as well as enhancement of trade and economic interaction with the participation of the Organization of Turkic States.
To note, the agreement on creation of the Turkic Investment Fund was signed as part of the extraordinary OTS Summit on March 16, 2023, in Ankara, Türkiye, with Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Türkiye as founding members.