(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 6. The Board of Governors of the Turkic Investment Fund on Friday pulled the trigger on the Fund's operational activities, kicking off financing efforts that will roll out until the curtain falls on the first quarter of 2026, Trend reports via the Fund.

This was announced following the second meeting of the Board of Governors in Bishkek, Kyrgyzstan. This decision marks the transition of the Fund from the establishment phase into operationalization of financial operations.

During the meeting, the Board of Governors endorsed the Fund's Annual Report and Audited Financial Statements for 2024, adopted the Rules of Procedure of the Board of Governors, and reaffirmed the Fund's preferred creditor status. Governors noted that most of the institutional framework required for operations had been completed in 2025 following coordinated efforts across member states.

Preparatory work on project pipelines is kicking off, and financing activities are set to get going as the operational framework is rolled out in early 2026. The Fund has also held initial consultations with several regional and international financial institutions to lay the groundwork for future co-financing arrangements.

Laziz Kudratov, Minister of Investment, Industry, and Trade of Uzbekistan, was elected Chairman of the Board of Governors. Mikayil Jabbarov, Minister of Economy of Azerbaijan, was elected Vice-Chairman, both to serve until the next annual meeting. The Board also agreed to consider holding its third annual meeting in Tashkent in the second half of 2026.

The Turkic Investment Fund is the first international financial institution jointly established by Turkic countries with a mandate to finance projects across its member states. The decision to establish the Turkic Investment Fund was made on November 11, 2022, at the 9th Summit of the Turkic Council. The members of the Fund are Azerbaijan, Hungary, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan.

The Fund looks to boost economic ties among the Turkic countries by backing trade growth, enhancing connectivity, and ramping up cross-border investment.

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