ASTANA, Kazakhstan, September 20. The
Parliament of Kazakhstan has ratified the Agreement on the
establishment of the Turkic Investment Fund, Trend reports.
The initiative to establishment the fund was proposed by
Azerbaijan during the informal summit of the Organization of Turkic
States (OTS) in March of 2021.
Presenting the bill at the plenary session of the chamber,
Minister of National Economy Alibek Kuantyrov noted that in the
conditions of the current global geopolitical instability,
diversification of Kazakhstan’s external relations is one of the
main goals.
“As evidence, we continue to work to enhance cooperation in all
areas that can ensure sustainable growth in economic sectors. In
this regard, in addition to bilateral cooperation, we actively
interact within the framework of multilateral platforms, including
within the framework of the Organization of Turkic States,” he
said.
According to him, the task of the OTS countries is to create
comfortable conditions for attracting investment in advanced
sectors of the economy, to stimulate the emergence of new
technologies, and their active implementation. One of the main
priorities in this direction was the creation of the Turkic
Investment Fund.
The Turkic Investment Fund is the first joint financial
institution for economic integration of the Turkic world. Its goal
is to promote the economic development of member states of the
Organization by expanding intra-regional trade and supporting
economic activity.
“The Fund will perform the following functions through
investment activities – financing projects of small and
medium-sized enterprises, supporting the creation and modernization
of physical and digital infrastructure, supporting development
projects in areas of mutual interest, including industrial
production, transport, agriculture, tourism and the green economy.
It is important to note that these projects, first of all, allow
creating new jobs and diversifying the economy of Kazakhstan,” he
said.
The authorized capital is divided into paid shares with a total
par value of $350 million, as well as attracted shares with a par
value of $150 million. Each country accounts for $70 million of
paid shares.
“The adoption of the Law will allow Kazakhstan to become an
active participant in the Turkic world, a full-fledged creator
country of the Turkic international financial organization, to
receive financing for projects in priority sectors of the economy,
especially in the development of SMEs, as well as to strengthen
trade and economic cooperation within and outside the OTS region,”
he said