03.10.23
Deputies of the Senate Committee on Economic Policy, Innovative Development and Entrepreneurship at an extended meeting discussed the Law “On the Ratification of the Agreement on the Establishment of the Turkic Investment Fund,” Kazpravda.kz reports with reference to the press service of the Senate of the Republic of Kazakhstan.
The purpose of the Agreement is to create a Turkic Investment Fund in the form of an international financial organization aimed at promoting the economic development of member states of the Organization of Turkic States by increasing intraregional trade and supporting economic activity.
The Fund will perform the following functions: financing projects of small and medium-sized enterprises, supporting the creation and modernization of physical and digital infrastructure, supporting development projects in areas of mutual interest, including industrial production, transport, agriculture, tourism and the green economy.
Ratification of the Agreement will allow the Republic of Kazakhstan to receive funding for projects in priority sectors of the economy, especially in the development of small and medium-sized businesses, as well as strengthen trade and economic cooperation within the region of the Organization of Turkic States. It is worth noting that the founders of the Fund are 5 member states of the Organization of Turkic States - Kazakhstan, Azerbaijan, Turkey, Uzbekistan and Kyrgyzstan.Following the discussion, the Committee members decided to send the law for consideration at a meeting of the Chamber.
