Baku: The Turkic Investment Fund (TIF) and the Uzbek Kyrgyz Development Fund (UKDF) have entered into a Memorandum of Understanding (MoU) aimed at enhancing institutional cooperation and exploring joint investment ventures. This agreement was formalized on the sidelines of the 'Kyrgyzstan - Uzbekistan: Industrial Cooperation, Investment and Trade' business forum.
According to Azerbaijan State News Agency, the MoU was signed by Ramil Babayev, General Director of TIF, and Aziz Aaliev, Chairman of the Board of UKDF. The collaboration will focus on identifying joint projects, boosting regional connectivity, involving the private sector, and investing in green and climate-resilient initiatives. It will also enhance institutional capacity in financing and treasury operations while exploring risk-sharing mechanisms to support cross-border investment and business growth.
Babayev emphasized the strategic location of Kyrgyzstan and Uzbekistan within the Middle Corridor, highlighting the importance of this MoU in strengthening cooperation with institutions that share similar objectives. The partnership aims to establish a robust pipeline of co-financing opportunities to foster private sector development, regional connectivity, and economic integration among the member states.
The TIF and UKDF have committed to biannual meetings to assess the implementation of the MoU and to pinpoint specific areas for future collaboration.
The Turkic Investment Fund is the first international financial institution of its kind, established by the Turkic states to promote economic cooperation and sustainable development across the Turkic world. The TIF was officially founded following the signing of the Establishment Agreement at the Extraordinary Summit of the Organization of Turkic States in Ankara on March 16, 2023, and it became operational on February 24, 2024.
With an authorized capital of 600 million USD, the TIF is dedicated to supporting impactful investments, innovative solutions, and regional integration in line with the vision of 'Economic Integration of the Turkic World'.