Turkic Investment Fund officially started its activities
Economy
The first inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) member countries was held in Istanbul (Türkiye).
The Turkic Investment Fund is the first joint financial institution for economic integration of the Turkic world countries. Its initial capital will be $500 million.
The main purpose of the fund is to develop economic and commercial relations between Turkic countries.
According to estimates of the Turkish Ministry of Finance, by the end of 2024 the Turkic states will occupy an important place in the world economy, reaching an economic volume of $1.9 trillion and a population of 178 million people.
The fund will focus on supporting joint projects in various sectors. They will cover such areas as infrastructure, renewable energy, agriculture, tourism, IT and others.
The implementation of such projects will be aimed at creating new jobs and diversifying the economy.
Recall that the agreement on the establishment of the Turkic Investment Fund was signed at the extraordinary summit of the Organisation of Turkic States on 16 March 2023 in Ankara. The founding countries were Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Türkiye.
The main purpose of the fund is to develop economic and commercial relations between Turkic countries.
According to estimates of the Turkish Ministry of Finance, by the end of 2024 the Turkic states will occupy an important place in the world economy, reaching an economic volume of $1.9 trillion and a population of 178 million people.
The fund will focus on supporting joint projects in various sectors. They will cover such areas as infrastructure, renewable energy, agriculture, tourism, IT and others.
The implementation of such projects will be aimed at creating new jobs and diversifying the economy.
Recall that the agreement on the establishment of the Turkic Investment Fund was signed at the extraordinary summit of the Organisation of Turkic States on 16 March 2023 in Ankara. The founding countries were Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Türkiye.
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