Negotiations are underway in Istanbul over establishment of an Investment Fund of the Organization of Turkic States (OTS). Press service of the Ministry of Economy and Commerce of the Kyrgyz Republic reported.
According to it, the delegation of Kyrgyzstan at the meeting is headed by the Deputy Minister of Economy and Commerce Kanat Abdrakhmanov. The issues of capitalization, legal status, structure and management of the fund are considered.
Based on the results, an appropriate draft agreement will be developed and agreed upon. On its basis, the OTS states will carry out the procedure of preparing for its signing. The document is planned to be signed during the summit of the OTS Heads of State. According to preliminary data, it will be held on November 11 in Samarkand (Uzbekistan).
The Ministry of Economy reported earlier that the authorized capital of the Investment Fund of the Organization of Turkic States will be $350 million. It will be formed in equal shares by the OTS member states, which include Kyrgyzstan, Kazakhstan, Turkey, Azerbaijan and Uzbekistan.
The purpose of creation of the Investment Fund is to promote the economic development of the OTS member states by expanding intra-regional trade and supporting economic cooperation.
