Following the summit of the Organization of Turkic States, the leaders of the member states of the organization decided to establish a Turkic Investment Fund with a capital of $500 million.
The creation of the Turkic Investment Fund will help to solve a whole range of tasks related to the development of the organization’s members. In particular, it is expected that its funds will be used to develop intra-regional trade, finance small and medium-sized business projects, support the expansion of transport and logistics chains, promote the creation and modernization of physical and digital infrastructure, and support development projects in areas of mutual interest, including industrial production, infrastructure, transport, agriculture, information and communication technologies, green economy, and tourism.
The fund will have a president, a board of governors, a board of directors, a CEO, and staff. The President will be appointed by the Board of Governors on a rotating basis for a four-year term without extension or reappointment. The Fund will be headquartered in Istanbul.
The Turkic Investment Fund will operate for 20 years from the date of its inaugural meeting. The Board of Governors may decide to terminate or extend the term of the Fund at any time. In addition, the Board of Governors is authorized to periodically review the adequacy of resources and may decide to make additional contributions.
The Fund will have the status of an international financial organization.
