Newly-established investment fund of Turkic countries to receive initial funding of $500mln

A treaty on creation of a financial investment fund of Turkic speaking countries has been ratified, Kazinform correspondent reports. 

The fund was set up to support economic projects in the Turkic speaking countries.

"Just yesterday, the TurkPA ratified the decision to create the Turkic financial investment fund – the first economic financial institution of the Turkic world. It’s expected that the fund will receive an initial funding of 500 thousand US dollars. Over time, these funds are to be spent to finance concrete economic projects," said deputy Aidos Sarym, speaking at the meeting of think thanks of the Turkic speaking countries.

Earlier it was reported that Kazakhstan was setting up a returned assets management company.