The Senate of Kazakhstan has approved the law “On ratification of the Agreement on establishment of the Turkic Investment Fund,” Ednews reports citing Kazinform.

The document was signed during the extraordinary summit of the OTS Heads of State on March 16, in Ankara.

The founding countries of the Turkic Investment Fund are Kazakhstan, Azerbaijan, Turkiye, Uzbekistan and Kyrgyzstan.

“The Fund’s authorized capital will amount to 500 million US dollars and will be divided into 10 thousand shares with a nominal value of 50 thousand US dollars each. These shares will be divided into paid shares with a total nominal value of 350 million US dollars and attracted shares with a total nominal value of 150 million US dollars,” Senator Lyazzat Rysbekova said presenting the document.

The Fund will operate as per the principle of equal investment and equal voting right.

The ratification of the agreement will enable Kazakhstan, who is an active member of the Turkic world, to become a full-fledged creator of the international Turkic financial organization, to obtain financing of the projects in priority sectors of the economy, especially in the SMEs development, as well as to strengthen the trade-economic cooperation within and outside the OTS region.

Note that the initiative to establish the fund was proposed by Azerbaijan during the informal summit of the Organization of Turkic States (OTS) in March 2021. The agreement on the establishment of the Fund was signed within the framework of an extraordinary summit of the Heads of State of the Member States of the Organization of Turkic States on March 16, 2023, in Ankara.