Kazakh Mazhilis ratifies agreement on establishment of Turkic Investment Fund
The Turkic Investment Fund may receive the status of an international financial organization. Its establishment will make it possible to enhance cooperation among the member states of the Organization of Turkic States (OTS), particularly, in industries capable of ensuring sustainable economic growth. This was announced in the Mazhilis, a Lower House of the Kazakh Parliament, where MPs voted to ratify the relevant agreement and forwarded the draft law to the Senate. It is known that the document requires the recognition of all parties. At the end of May, that process had already been completed by Azerbaijan, which took the initiative to create the investment fund. The work on that document is currently being carried out by the other countries as well. As noted in the Kazakh Ministry of National Economy, the fund will represent a regional investment mechanism with an authorized capital of $500 million. The agreement provides for allocating $70 million from the country’s budget for the next four years. The adoption of the law will allow Kazakhstan to receive project financing in priority sectors of the economy.