ASTANA – Deputies of the Mazhilis, the lower chamber of the Kazakh Parliament, ratified the agreement to establish the Turkic Investment Fund (TIF) at a Sept. 20 plenary meeting, reported the Mazhilis’ press service.
The member states of the Organization of Turkic States (OTS) – Azerbaijan, Kazakhstan, the Kyrgyz Republic, Türkiye, and Uzbekistan – agreed to establish the TIF in March this year.
Adopting this law will give Kazakhstan an additional tool for economic development, and enable domestic entrepreneurs to attract additional investment for their businesses.
The fund will be the first and main joint financial institution created by the Turkic states. It will be given the status of an international financial organization that will engage in investment activities to finance micro, small, and medium-sized enterprise projects, as well as development projects in industrial production, infrastructure, transport, agriculture, information and communications technology, tourism, and the green economy.
Within the fund, Kazakhstan can cooperate with international and national financial institutions, chambers of commerce, and private organizations. The fund will facilitate the development of intraregional trade, expansion of transport and logistics chains, as well as warehouse and production capacities.