$500 million Turkic Investment Fund launched

ISTANBUL

Member countries of the Organization of Turkic States have launched a $500 million “Turkic Investment Fund.”

The first meeting of the board of governors of the fund was held in Istanbul on May 18.

“We are establishing the Turkic Investment Fund with a registered capital of $500 million. The fund will boost investments in both the public and private sectors,” Treasury and Finance Minister Mehmet said, speaking at the opening of the board’s meeting.

The fund will play a “critical role” in the growth of small and medium-sized companies and increasing investments in a wide range of fields, such as energy, agriculture and tourism, Şimşek added.

The size of the Turkic states’ economies and their population are expected to reach $1.9 trillion and 178 million at the end of 2024, according to the minister.

The biggest objective in establishing the Turkic Investment Fund is to ensure the development of economic and trade relations between Turkic states, Şimşek noted.

“Our goal is to strengthen the Turkic world in every field and make it more resilient in the face of different challenges,” said Vice President Cevdet Yılmaz, who also delivered a speech at the meeting.

The capital base of the fund will increase further by attracting other investors with effective projects, strong corporate structure and transparent business model, Yılmaz added.

“We especially envisage mobilizing the resources of other international and regional development organizations and the private sector,” Yılmaz said.

The meeting in Istanbul was also attended by Baghdad Amreyev, the president of the fund, Nurlan Baibazarov; deputy prime minister of Kazakhstan; Laziz Kudratov, investment, industry and trade minister of Uzbekistan; and Elnur Aliyev, deputy economy minister of Azerbaijan.