Turkic Investment Fund announces the start of financing activities
The Board of Governors of the Turkic Investment Fund on Friday announced the launch of the Fund’s operational activities, setting the start of financing activities until the end of the first quarter of 2026. The decision marks the Fund’s transition from its establishment phase into operationalisation of the Fund’s financing activities. Hungary is a full member of the organisation.
The meeting was held in Bishkek at the invitation of H.E. Sadyr Zhaparov, President of the Kyrgyz Republic, and hosted by Mr. Bakyt Sydykov, Minister of Economy and Commerce of the Kyrgyz Republic.
The Turkic Investment Fund is the first international financial institution jointly established by Turkic countries with a mandate to finance projects across its member states.
The Fund aims to support strengthening economic ties among the Turkic countries by supporting trade expansion, improved connectivity and increased cross-border investment. The Board said the move to commence the operational activities of the Fund responds to rising expectations among member states for the institution to begin deploying resources and advancing priority projects.
Meeting in Bishkek for its second session, the Board of Governors endorsed the Fund’s Annual Report and Audited Financial Statements for 2024, adopted the Rules of Procedure of the Board of Governors, and reaffirmed the Fund’s preferred creditor status. Governors noted that most of the institutional framework required for operations had been completed in 2025 following coordinated efforts across member states.
Preparatory work on project pipelines is underway, and financing activities are expected to commence as the operational framework is rolled out in early 2026. The Fund has also held initial consultations with several regional and international financial institutions to lay the groundwork for future co-financing arrangements.
Uzbekistan’s Governor, Mr. Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, was elected Chairman of the Board of Governors. Azerbaijan’s Governor, Mr. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, was elected Vice-Chairman, both to serve until the next annual meeting. The Board also agreed to consider holding its third annual meeting in Tashkent in the second half of 2026.
The meeting was attended by the following members of the Board of Governors: Mr. Bakyt Sydykov, Governor for the Kyrgyz Republic and Minister of Economy and Commerce; Mr. Osman Çelik, Governor for Türkiye and Deputy Minister of Treasury and Finance; Mr. Elnur Aliyev, Temporary Alternate Governor for Azerbaijan and First Deputy Minister of Economy; Mr. Dauren Kenbeil, Alternate Governor for Kazakhstan and Vice Minister of Finance; Mr. Nurbek Akzholov, Alternate Governor for the Kyrgyz Republic and Deputy Minister of Finance; Mr. Khurram Teshabaev, Alternate Governor for Uzbekistan and Deputy Minister of Investment, Industry and Trade; Mr. Kerem Dönmez, Alternate Governor for Türkiye and Director General for Foreign Economic Relations; and Mr. Gábor Matula, Alternate Governor for Hungary and Head of Department at the Ministry for National Economy.
The Fund was represented by Mr. Baghdad Amreyev, President of the Turkic Investment Fund, Mr. Ramil Babayev, General Director, and other members of the Fund’s delegation.
