Mehmet Şimşek: We are establishing the Turkic Investment Fund with $500 million in registered capital

Treasury and Finance Minister Mehmet Şimşek, in his speech at the Opening Meeting of the Turkic Investment Fund Board of Governors, stated that the Turkic Investment Fund has been made operational and strengthened within the framework of cooperation under the Organization of Turkic States.

Thanking everyone who worked and put effort into the Turkic Investment Fund, Şimşek noted the following:

"Today, we are holding a historic meeting where the first decisions regarding making the Fund operational will be taken. As of the end of 2024, Turkic States are expected to reach an economic size of 1.9 trillion dollars and a population of 178 million, securing an important place in the world economy. Within the framework of the Turkic World Vision 2040 document, our greatest goal in establishing the Turkic Investment Fund is to ensure the development of economic and commercial relations between Turkic States. We are establishing the Turkic Investment Fund with 500 million dollars of registered capital. The Turkic Investment Fund will accelerate both our public and private sector investments.

Furthermore, the Fund will provide technical support for projects in many areas. The Fund will have a critical role in the growth of SMEs and in increasing investments in many fields such as infrastructure, renewable energy, agriculture, and tourism, and will contribute to ongoing economic development. We had decided to establish the Turkic Investment Fund in Istanbul. I would like to thank our member states for their support in this regard. Istanbul's geopolitical location, strong entrepreneurial ecosystem, and qualified human capital will provide great contributions to the Fund. We aim for the Fund to be a high-standard international financial institution. The Fund will operate in accordance with international best practices in every aspect, with its organizational structure, decision-making mechanisms, human resources, risk management, and monitoring and auditing functions."

"HUNGARY'S MEMBERSHIP REQUEST IS GRATIFYING"

Pointing out that the "Host Country Agreement" regarding the Fund will also be signed today, Şimşek stated that long-term financial sustainability should be the fundamental principle in the Fund's business model.

Stating that it is also important to establish highly qualified, professional staff within the Fund, Şimşek said, "In this context, important duties fall upon the Fund President and the General Manager. Our greatest wish is for the preparation process of the regulations and business plans that will ensure the effective functioning of the Fund to be completed as quickly as possible. We welcome Hungary's request to become a member of the Turkic Investment Fund. When the Fund begins its operations, the completion of Hungary's membership process will be one of the agenda items we attach importance to. We have full faith that the Turkic Investment Fund will be an example of successful cooperation with its working principles and effective operating mechanism," he said.