Turkic Investment Fund Holds its Inaugural Board of Governors Meeting in Istanbul

ASTANA – Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov attended the inaugural meeting of the Turkic Investment Fund’s (TIF) Board of Governors in Istanbul on May 21, reported the Prime Minister’s press service.

Photo credit: Prime Minister’s press service

TIF is the first cooperative financial organization for the economic integration of Turkic nations. It will start with $500 million in capital. The fund’s primary objective is to promote economic and commercial relations between Turkic countries. The Turkish Ministry of Finance projects that by the end of 2024, with a $1.9 trillion economy and 178 million citizens, the Turkic states will hold a significant position in the world economy.

Baibazarov, in his speech, noted the special importance of the development of Turkic integration in Kazakhstan.

“The Kazakh government fully supports the start of the fund’s activities. I am confident that it will become a catalyst for economic growth and development of the participating countries, and will contribute to the deepening of investment cooperation and effective interaction in the implementation of joint projects,” he said.

The fund will support joint projects in various sectors, including infrastructure, renewable energy sources, agriculture, tourism, and IT.

These initiatives will aim to diversify the economy and generate new employment. Through the fund, Kazakhstan will be able to enhance trade and economic relations with the Organization of Turkic States (OTS) members and also receive grants, finance, and technical assistance to initiate socially significant initiatives.

The OTS member countries – Azerbaijan, Kazakhstan, the Kyrgyz Republic, Türkiye, and Uzbekistan – agreed to establish the TIF in March last year. President Kassym-Jomart Tokayev proposed establishing a Turkic Investment Fund in 2021. 

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!