ASTANA – The Turkic Investment Fund under the Organization of Turkic States (OTS) will have an authorized capital of $500 million, according to a draft bill published on Kazakhstan’s Open Normative Legal Acts website.
OTS heads of state signed an agreement to create the fund during the OTS Extraordinary Summit in Ankara on March 16.
The sum will be divided into 10,000 shares – 2,000 per founding country. Shares worth $150 million are attracted, and $350 million are paid.
Each country joining the fund makes an initial payment of $5 million for its paid-in shares. Countries will be required to pay $18 million in the first year, followed by $23 and $24 million in the second and third years.
The fund, established by Azerbaijan, Kazakhstan, Kyrgyz Republic, Türkiye, and Uzbekistan, is meant to promote the economic development of the OTS member countries, expanding mutual trade and support for economic activity. The fund’s headquarters will be located in Istanbul.