The founders of the Turkic Investment Fund (TIF) decided to increase its authorized capital. This was reported in the Chamber of Commerce and Industry.
Business meeting in Baku
On February 14, Baku hosted a meeting of entrepreneurs from the Organization of Turkic States (AH) member countries, which was attended by representatives of Uzbekistan. The event was organized by TIF and the Turkic Union of Chambers of Commerce and Industry (TCCI).
The main topics of discussion were expanding economic cooperation, attracting investment and supporting women's entrepreneurship. During the meeting, TIF and TCCI signed a memorandum of strategic partnership aimed at developing the business potential between the Turkic countries.
The document provides for increased financing of infrastructure and trade projects, as well as support for small and medium-sized businesses. It is expected that this will create new opportunities for entrepreneurs and strengthen trade ties between the AH countries.
TIF Capital Expansion
One of the key decisions of the meeting was the announcement of increase of TIF's authorized capital by 20 % to $600 million. This step is aimed at supporting micro, small and medium-sized businesses, as well as developing trade in the region.
Also during the event, Uzbekistan proposed to hold a forum of women entrepreneurs of AHS in Nukus in May this year. In addition, agreements were reached on a number of investment projects.
History of the creation of the Turkic Investment Fund
The initiative to create a Turkic Investment Fund was first announced by Turkish President Recep Tayyip Erdogan at the AH summit in Samarkand in autumn 2022. Trade, transport and energy were identified as priority areas of the fund's work.
Agreement on the establishment of a TIF with an authorized capital of $500 million It was signed at the AH summit in March 2023. Under the agreement, the Republic received 2,000 shares of the fund for the amount of $70 million. In November of the same year, the document was ratified.
