BAKU, Azerbaijan, July 29. The Turkic
Investment Fund (TIF) and the Uzbek-Kyrgyz Development Fund (UKDF)
have signed a memorandum of understanding (MoU) to expand
institutional cooperation and jointly pursue cross-border
investment opportunities.
This was reflected in the press release, published by the Turkic
Investment Fund (TIF).
The agreement was signed on July 28 in Bishkek on the sidelines
of the "Kyrgyzstan–Uzbekistan: Industrial Cooperation, Investment
and Trade" business forum by TIF Director General Ramil Babayev and
UKDF Chairman Aziz Aaliev.
The memorandum establishes a framework for cooperation in
identifying and co-financing investment projects, promoting
regional connectivity, supporting private sector development and
advancing green and climate-resilient investments.
"The Kyrgyz Republic and Uzbekistan sit at the heart of the
Middle Corridor, and this Memorandum reflects our commitment to
deepening cooperation with institutions that share our mandate
across these strategic markets. Together we aim to build a strong
pipeline of co-financing opportunities that support private sector
development, regional connectivity and economic integration across
our common member states," TIF Director General Ramil Babayev
said.
Under the agreement, the two institutions will also cooperate on
institutional capacity building in financing and treasury
operations, while exploring risk-sharing mechanisms designed to
facilitate cross-border investment and business expansion. The
partners agreed to hold meetings at least once every six months to
assess progress in implementing the memorandum and identify new
areas for cooperation.
The Turkic Investment Fund, the first international financial
institution established jointly by the member states of the
Organization of Turkic States (OTS), was created to promote
economic cooperation, increase intraregional trade and support
sustainable development across the Turkic world. The fund's
establishment agreement was signed during the OTS Extraordinary
Summit in Ankara on March 16, 2023, and entered into force on Feb.
24, 2024. With an authorized capital of $600 million, the TIF
finances projects aimed at strengthening regional economic
integration, encouraging private sector investment and supporting
sustainable growth across its member states.
The partnership with the Uzbek-Kyrgyz Development Fund is
expected to enhance financing opportunities for joint projects and
reinforce economic cooperation between Uzbekistan and Kyrgyzstan
while contributing to broader regional integration initiatives
across the Turkic world.
