Kyrgyzstan Approves Draft Law On Ratification Of Turkic Investment Fund Agreement
Date
10/23/2023 9:36:54 AM
(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, October 23. The Committee
on International Affairs, Defense, Security, and Migration of the
Kyrgyzstan Parliament has approved the draft for the ratification
of an agreement establishing the Turkic investment Fund, Trend reports.
Kanat Abdrahmanov, Vice Minister of Economy and Commerce of
Kyrgyzstan, said that the country's share in the Turkic Investment
Fund would amount to $70 million.
This contribution from Kyrgyzstan will be funded from the
national budget over a period of three years. An initial
contribution of $5 million will be made by the fund's founders
within 90 days after the constituent meeting of shareholders. The
remainder will be disbursed in three annual installments of $18
million, $23 million, and $24 million.
The fund aims to foster trade relationships between Türkiye,
Azerbaijan, and the Central Asian countries.
With its headquarters in Istanbul, the fund is expected to
support the development of intra-regional trade, small and
medium-sized enterprises, logistics networks, agriculture, green
energy, and tourism.
The fund will serve as a financial resource for prioritized
business projects in the member countries of the Organization of
Turkic States (OTS), with a total authorized capital of $500
million.
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