Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed the law “On the ratification of the Agreement on the Establishment of the Turkic Investment Fund.”

The agreement on the establishment of the Turkic Investment Fund was signed on 16 March 2023.

Uzbekistan will acquire 2,000 shares in its starting capital of the Fund. Financial resources from the Fund for Reconstruction and Development are a source of financing expenses associated with the formation of Uzbekistan’s share in the Turkic Investment Fund.

The Ministry of Investment, Industry and Trade is the authorized body responsible for the implementation of the Agreement on the establishment of the Turkic Investment Fund with the provision of applications for the transfer of relevant funds to the Fund for Reconstruction and Development of Uzbekistan.

The Central Bank of Uzbekistan performs the function of depository under the Agreement on the Establishment of the Turkic Investment Fund.

The Turkic Investment Fund is a mechanism for the joint implementation of investment projects between member countries of the Organization of Turkic States.

This fund is focused on developing cooperation and joint investments in various areas of the economy, including electrical engineering, light industry, automotive industry, leather industry, construction materials production and others.

The fund also supports interregional trade, green economy, information technology, transport, logistics and other areas. This helps strengthen economic relations and cooperation between Turkic countries and contributes to the development of the region.