The Ministry of National of Economy of Kazakhstan has published a draft decree of the president of Kazakhstan on signing an agreement on the establishment of the Turkic Investment Fund, Kapital.kz reported on March14.
The document that has been published on the Otkrytyye NPA (Open Regulations) website will be in public discussion until March 29, 2023.
Members of the Cooperation Council of Turkic-speaking States – Azerbaijan, Kazakhstan, Kyrgyzstan, Turkiye and Uzbekistan – have reportedly agreed to establish the Turkic Investment Fund to facilitate economic development through expanding regional trade and supporting economic activities.
The document notes that the Fund’s authorized capital will amount to 500 million US dollars and its headquarters will be located in Istanbul, Turkiye.
According to the document, the authorized capital must be divided into 10,000 shares. The face value of one share will be 50,000 US dollars. It will be divided into paid-in shares and attracted shares, subject to circulation. A total face value of the paid-in shares is 350 million USD dollars and a total face value of the attracted shares is 150 million US dollars.
The parties agreed to establish the Investment Fund of the Organization of Turkic States (OTS) at the OTS summit in Samarkand, Uzbekistan in November last year.
The Organization of Turkic States (OTS), formerly called the Turkic Council or the Cooperation Council of Turkic Speaking States, is an intergovernmental organization whose overarching aim is promoting comprehensive cooperation among Turkic-speaking states. First proposed by the then Kazakh President Nursultan Nazarbayev in 2006, it was founded on October 3, 2009, in Nakhchivan. The General Secretariat is in Istanbul.
The Organization members are Turkiye, Azerbaijan, Kazakhstan, Kyrgyzstan, and Uzbekistan, while EU state Hungary, Turkmenistan, and the TRNC have observer status.
