Deputies of the Senate of the Parliament of Kazakhstan on October 5 ratified the agreement on the creation of the Turkic investment fund. The document is aimed at the signature of the head of state, reports zakon.kz.
The agreement on the creation of the Turkic Investment Fund was signed as part of an emergency summit of the heads of the Member States of the Organization of Turkic States (OTG) on March 16, 2023.
“The purpose of the agreement is to create a Turkic investment fund in the form of an international financial organization aimed at promoting the economic development of member states of the organization of Turkic states by increasing intra -regional trade and support for economic activity,” said the Senate deputy Lyazzat Ryzbekov.
The founders of the Foundation are five member states OTG – Kazakhstan, Azerbaijan, Turkey, Uzbekistan and Kyrgyzstan.
The Fund includes: President of the Fund, the Council of Managers, the Board of Directors, the General Director and ordinary employees.
Each member of the Fund has equal voting rights. The headquarters of the fund is in Istanbul.
It is noted that the Fund will perform functions such as: financing projects, in particular, projects of small and medium -sized enterprises, support for the creation and modernization of physical and digital infrastructure, support for development projects in areas representing mutual interest, including industrial production, transport, transport, transport Agriculture, tourism and “green” economy.
The authorized capital of the Fund is divided into paid shares with a total nominal value of $ 350 million, as well as attracted shares with a nominal value of $ 150 million. Each state member state accounts for $ 70 million paid shares.
“Ratification of the Agreement will allow the Republic of Kazakhstan to receive funding for projects in priority sectors of the economy, especially in the development of small and medium -sized enterprises, as well as strengthen trade and economic cooperation within the framework of the OSG region,” the special committee said.