Baku, July 29, AZERTAC
The Turkic Investment Fund (TIF) and the Uzbek Kyrgyz Development Fund (UKDF) signed a Memorandum of Understanding (MoU) to strengthen institutional cooperation and jointly pursue investment opportunities on the sidelines of the business forum “Kyrgyzstan – Uzbekistan: Industrial Cooperation, Investment and Trade.
The Memorandum was signed in Bishkek by Ramil Babayev, General Director of TIF, and Aziz Aaliev, Chairman of the Board of the Uzbek-Kyrgyz Development Fund (UKDF).
The partnership will focus on areas such as joint project identification, regional connectivity, private sector engagement, green and climate resilient investments, and institutional capacity building in financing and treasury operations. Both institutions will also explore risk-sharing mechanisms and opportunities to support cross-border investment and business expansion.
"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. UKDF brings local knowledge and a proven bilateral platform, and 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," Ramil Babayev, General Director of TIF, said.
TIF and UKDF agreed to meet periodically, at least once every six months, to review implementation of the Memorandum and identify concrete opportunities for cooperation going forward.
The Turkic Investment Fund (TIF) is the first dedicated international financial institution jointly established by the Turkic states focusing on fostering economic cooperation, increasing intra-regional trade and sustainable development across the Turkic world. The Establishment Agreement of TIF was signed at the Extraordinary Summit of the Organization of Turkic States (OTS) in Ankara on March 16, 2023, and came into force in February 24, 2024.
With a 600 million USD authorized capital to be utilized for shared growth and prosperity, TIF is a platform for enabling impactful investments, innovative solutions, and regional integration by the grand Turkic vision focusing on the “Economic Integration of the Turkic World”.