The Senate approved the Law “On the Ratification of the Agreement on the Establishment of the Turkic Investment Fund”

At the plenary meeting of the Senate of the Oliy Majlis, the Law “On the ratification of the Agreement on the establishment of the Turkic Investment Fund (Ankara, March 16, 2023)” was considered, the press service of the Senate of the Oliy Majlis of the Republic of Uzbekistan reports.

According to the document, funds from the Fund for Reconstruction and Development of the Republic of Uzbekistan are a source of financing expenses associated with the formation of the share of the Republic of Uzbekistan in the Turkic Investment Fund within the time frame provided for by the Agreement on the Establishment of the Turkic Investment Fund (Ankara, March 16, 2023), including a subscription to 2,000 shares in his starting capital.

The Ministry of Investment, Industry and Trade is determined by the authorized body responsible for the execution of the Agreement on the establishment of the Turkic Investment Fund with the provision of applications for the transfer of relevant funds to the Fund for Reconstruction and Development of the Republic of Uzbekistan. The Central Bank of the Republic of Uzbekistan performs the function of depository under the Agreement on the Establishment of the Turkic Investment Fund.

Within the framework of the Turkic Investment Fund, it serves for the joint implementation of investment projects with partner countries, including Azerbaijan, Kazakhstan, Kyrgyzstan and Turkey, in particular, projects such as joint industrial cooperation in the fields of electrical engineering, light industry, automotive industry, leather industry, construction materials materials.

The funds will be used to develop interregional trade, joint projects, green economy, information technology, transport, logistics and other areas.

The senators noted that ratification of the Agreement will allow Uzbekistan to become an equal participant in a new important financial mechanism, which will be used to increase the volume of mutual trade, promote investment projects in priority sectors of the economy, as well as develop infrastructure and transport and logistics ties with Turkic countries.

Following the discussion, the senators approved the Law.