The authorized capital of the Turkic Investment Fund, created by the member countries of the Organization of Turkic States (OTS), will amount to $500 million, according to the portal Kapital.kz.
The authorized capital of the fund must be divided into 10,000 shares with a par value of $50,000 each. It is divided into paid shares and attracted shares to be traded. The total par value of the paid-in shares will be $350 million, and the total nominal value of the attracted shares will be $150 million.
Each of the five countries—Azerbaijan, Turkey, Kazakhstan, Kyrgyzstan, and Uzbekistan—will receive 2,000 initial shares but must pay four installments for paid-in shares: an initial installment of $5 million within 90 days of the inaugural meeting, and then three annual payments in $18 million, $23 million and $24 million respectively (total $70 million for each country). As part of the attracted shares, the share of each country will be $30 million.
The headquarters of the Turkic Investment Fund with the status of an international financial organization will be located in Istanbul and will operate for 20 years. But the board of governors can extend the life of the fund or close it.
The initiative to create an investment fund belongs to Turkish President Recep Tayyip Erdogan, who voiced this proposal at the OTS summit in Samarkand in November 2022.
The OTS Heads of State Summit was held on March 16, 2023 in Ankara with the participation of the Presidents of Turkey, Kazakhstan, Azerbaijan, Uzbekistan and the Chairman of the Parliament of Turkmenistan.
CentralasianLIGHT.org
March 17, 2023