The inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) was hosted by Istanbul on 21 May.
The Turkic Investment Fund, the first financial institution for economic integration of the countries of the Turkic world was officially established by Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkey on 16 March 2023 at the summit of the Organization of Turkic States in Ankara.
With an initial capital of $500 million, TIF’s main objective is the development of economic and commercial relations between the Turkic countries. According to estimates by the Turkish Ministry of Finance, by the end of 2024, the Turkic states will occupy an important place in the global economy, reaching an economic volume of $1.9 trillion to the benefit of a population of 178 million.
Commenting on the importance of Turkic integration for his country, Deputy Prime Minister – Minister of National Economy Nurlan Baybazarov and Kazakhstan’s representative on the TIF Board of Governors, said: “The Government of Kazakhstan fully supports the start of the Fund’s operation. I am confident that it will become a catalyst for economic growth and development of the participating countries, contribute to the deepening of investment cooperation and effective interaction in the implementation of joint projects.”
The key sectors to receive funding include infrastructure, renewable energy, agriculture, tourism, and IT.
