Commencement date of Turkish Investment Fund revealed

The Turkish Investment Fund (TIF) will start operational activities on November 1, 2024, Report informs, citing the fund.

The relevant decision was made at a meeting of the Board of Directors of the Turkic Investment Fund (TIF), held in Istanbul on 20 July 2024.

The meeting provided a platform for making crucial decisions regarding the management and operational framework of the Turkic Investment Fund, which aims to promote economic cooperation and investment among Turkic states.

The meeting was attended by Ulvi Mansurov, Executive Director of the Azerbaijan Investment Company, Marat Yelibayev, Chairman of the Management Board of the Development Bank of Kazakhstan, Kerem Donmez, Director General for Foreign Economic Relations of the Ministry of Treasury and Finance of Türkiye, Shukhrat Vafaev, Executive Director of the Fund for Reconstruction and Development of Uzbekistan, Saadat Assanseitova, Director of the Department of Economic International Relations of the Ministry of the National Economy of Kazakhstan, as well as the General Director of TIF Ramil Babayev.

During the meeting, several key decisions were made by the Board of Directors, including the adoption of the Rules of Procedures of the Board of Directors, a preliminary TIF administrative budget for 2024, the Financial Resources Management Policy, as well as determination of the commencement date of the operational activities of TIF and granting the General Director the signature authority to execute necessary operations on behalf of TIF.

Hungary’s accession to the Agreement Establishing the TIF was also welcomed, with the Board’s instruction to ensure Hungary’s full involvement in TIF’s activities.

The Board of Directors will hold the next meeting at the beginning of August to determine the further organizational and financial frameworks of TIF. November 1, 2024, set as the targeted commencement date for TIF’s operational activities.

The Agreement for the Establishment of the Turkish Investment Fund was signed on March 16, 2023, during the Extraordinary Summit of the Organization of Turkic States in Ankara, Türkiye. It aims to strengthen economic connections and boost regional cooperation.

Economy Minister Mikayil Jabbarov from Azerbaijan has been appointed as the Director of the Board of Directors of the Turkish Investment Fund, while Finance Minister Samir Sharifov has been designated as the Alternate Director.

The authorized capital of the fund is $500 million.