17 Oct 2023 11:37

Kazakhstan ratifies agreement to establish Turkic Investment Fund

ASTANA. Oct 17 (Interfax) - Kazakh President Kassym-Jomart Tokayev has signed the law to ratify the agreement to establish the Turkic Investment Fund, official publications reported on Tuesday.

"To ratify the Agreement to Establish the Turkic Investment Fund, as concluded in Ankara on March 16, 2023," according to the published document.

Kazakhstan, Azerbaijan, Turkey, Uzbekistan, and Kyrgyzstan, the five member countries of the Turkic States Organization, founded the fund.

The fund's goal is to develop intra-regional trade and financing for small- and medium-sized business projects, and to develop the green economy, as well as industrial, infrastructure, transportation, agricultural, tourism, and information and communication projects, respectively.

The Turkic Investment Fund will be an international financial organization with charter capital totaling $500 million formed by issuing 10,000 shares at $50,000 per share. The five member countries of the Turkic States Organization will each purchase $70 million in shares totaling as much as $350, and the remaining shares totaling $150 million will be offered outside the organization.