On May 21, the Turkic Investment Fund (TIF) held its inaugural Board of Governors meeting in Istanbul. The fund aims to enhance economic and commercial relations among the Organization of Turkic States members, QazMonitor reports citing primeminister.kz.
Fund: Serving as the first joint financial institution dedicated to the economic integration of the Turkic-speaking countries, TIF has an initial capital of $500 million. The fund primarily focuses on infrastructure, renewable energy, agriculture, tourism, and IT. Through this cooperation, Kazakhstan will benefit from funding, grants, and technical assistance for launching socially important projects while strengthening trade and economic ties with other member states.
The agreement to establish the Turkic Investment Fund was signed on March 16, 2023, during the Organization of Turkic States summit in Ankara. The founding countries are Azerbaijan, Kazakhstan, the Kyrgyz Republic, Uzbekistan, and Turkiye.
Representing Kazakhstan on the Board of Governors is Minister of National Economy Nurlan Baybazarov.