Istanbul: The Turkic Investment Fund has announced the commencement of its financing activities, marking a significant milestone in its operational journey, APA’s Istanbul correspondent reports. The Board of Governors revealed that the Fund is set to begin its financing operations by the end of the first quarter of 2026.
According to Azeri-Press News Agency, this development signifies the transition from the Fund’s establishment phase to the operational implementation of financing activities. The announcement was made during a meeting held in Bishkek, initiated by Sadyr Japarov, President of the Kyrgyz Republic, and hosted by Kyrgyzstan’s Minister of Economy and Trade, Bakyt Sydykov.
The Turkic Investment Fund stands as the first international financial institution formed collaboratively by the Turkic states, aimed at financing projects within member countries. Its purpose is to bolster economic ties among the Turkic states by enhancing trade, connectivity, and cross-border investments.
The Board of Governors emphasized that launching the Fund’s operational activities aligns with increasing expectations for resource utilization and prioritizing projects in member nations. During the second session in Bishkek, the Board approved the Fund’s annual report, 2024’s final audited financial statements, and adopted internal rules, reaffirming the Fund’s preferred creditor status.
Initial consultations with regional and international financial institutions have been conducted to establish future co-financing mechanisms. Uzbekistan’s Minister of Investment, Industry, and Trade, Laziz Kudratov, was elected Chairman of the Board of Governors, with Azerbaijan’s Minister of Economy, Mikayil Jabbarov, as Deputy Chairman. They will hold these positions until the next annual meeting.
The Board also agreed to contemplate hosting the third annual meeting in Tashkent in the latter half of 2026. Currently, Bagdad Amreyev serves as the President of the Turkic Investment Fund, with Mr. Ramil Babayev as the Chief Executive Officer.