Kyrgyzstan's share in the Turkic Investment Fund will amount to $70 million, Deputy Minister of Economy Kanatbek Abdrahmanov said, who made this announcement during a meeting of the Kyrgyzstan Parliament's Committee on International Affairs, Defense, Security, and Migration, the Kyrgyz Parliament's press service reports.
The committee reviewed and approved the bill on the ratification of the agreement establishing the Turkic Investment Fund. The specific reading at which it was approved is not mentioned.
The bill was presented by Deputy Minister of Economy Kanatbek Abdrahmanov. According to his information, the fund serves as a resource base for financing priority business projects in the member countries of the Organization of Turkic States.
He explained that the fund's authorized capital is $500 million, with Kyrgyzstan's share amounting to just $70 million, to be paid from the state budget over three years.
In accordance with the schedule for increasing the fund's authorized capital, funds amounting to $5 million will be paid as the initial contribution by the fund's founders within 90 days of the founding shareholders' meeting.
"The remainder will be contributed annually in three tranches of $18 million, $23 million, and $24 million. The fund's operation will create a multiplier effect to stimulate private investment inflows into Kyrgyzstan," said the deputy minister.
The Organization of Turkic States comprises Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan. Hungary has observer status, and in accordance with recent decisions, Turkmenistan also holds this status.
CentralasianLIGHT.org
October 23, 2023