The Turkic Investment Fund may
receive the status of an international financial organization. Its
establishment will make it possible to enhance cooperation among the member states
of the Organization of Turkic States (OTS), particularly, in industries capable
of ensuring sustainable economic growth. This was announced in the Mazhilis, a
Lower House of the Kazakh Parliament, where MPs voted to ratify the relevant
agreement and forwarded the draft law to the Senate. It is known that the
document requires the recognition of all parties. At the end of May, that
process had already been completed by Azerbaijan, which took the initiative to
create the investment fund. The work on that document is currently being
carried out by the other countries as well. As noted in the Kazakh Ministry of
National Economy, the fund will represent a regional investment mechanism with
an authorized capital of $500 million. The agreement provides for allocating $70
million from the country’s budget for the next four years. The adoption of the
law will allow Kazakhstan to receive project financing in priority sectors of
the economy.
Web-editor: Aizhan
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