Kyrgyzstan Approves Draft Law On Ratification Of Turkic Investment Fund Agreement

2023-10-23 09:36:54

(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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