Azerbaijan has taken over the chairmanship of the Turkic Investment Fund’s Board of Governors, which oversees a regional financial institution with $600 million in authorized capital.
The decision was made at a Board of Governors meeting in Tashkent, Uzbekistan, Azerbaijan’s Economy Ministry said on Oct. 23.
Azerbaijan will hold the chairmanship until the end of the board’s next annual meeting, while Hungary will serve as deputy chair.
The governors discussed expanding the fund’s financing capacity, cooperation with international financial institutions and joint projects. Priorities included support for small and medium-sized businesses, cross-border projects, trade finance and lending in national currencies.
Azerbaijan was represented by First Deputy Economy Minister Elnur Aliyev, who proposed linking the fund more closely with bilateral investment vehicles created by Baku and partner governments and developing joint financing mechanisms.
The Turkic Investment Fund was established to support trade, infrastructure, logistics, energy, technology and entrepreneurship among its member states. Its members are Azerbaijan, Türkiye, Kazakhstan, Kyrgyzstan, Uzbekistan and Hungary.
Source: Vesti Baku; Azerbaijan Economy Ministry