Turkic Investment Fund increases capital by 20%, now worth $600 million

Azerbaijani First Deputy Minister of Economy Elnur Aliyev has said that the authorised capital of the Turkic Investment Fund was increased by $100 million, or 20 per cent.

This brings the total to $600 million, Caliber.Az reports via local media.

The Turkic Investment Fund was established on May 18, 2024, by Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan, and Uzbekistan. The fund was created to provide technical support for projects in both the public and private sectors in Turkic-speaking countries, boost investments in such key areas as infrastructure, renewable energy, agriculture, and tourism, and promote sustainable economic development.

Meanwhile, Azerbaijani Deputy Economy Minister Elnur Aliyev has said that the Turkic Investment Fund has the potential to play a significant role in fostering cooperation among Turkic-speaking countries.

Aliyev made these remarks during the meeting titled "Turkic Investment Fund and the Union of Chambers and Commodity Exchanges of the Turkic World: An Informational Session for Business Leaders and B2B". 

He noted that the fund offers vast opportunities for financing regional projects, including initiatives aimed at supporting small and medium-sized enterprises (SMEs).

“As one of the founding countries of the fund, we are confident that it will elevate economic cooperation among Turkic states to a new level. By leveraging its capabilities, we encourage the implementation of joint projects and innovative initiatives that will enhance economic integration and strengthen our countries' positions in global markets,” he added.

By Naila Huseynova