The board of governors of the Turkic Investment Fund (TIF) announced that the financial institution has commenced its operational activities, marking the start of operations in the first quarter of 2026.
The decision, which came after a board meeting in Kyrgyzstan's capital Bishkek, signifies the fund's shift from its establishment phase to the operational phase of its financing activities, TIF said in a statement.
TIF is the first international financial institution created jointly by Turkic countries, tasked with financing projects throughout its member states. It seeks to enhance economic ties among the Turkic countries by promoting trade expansion, better connectivity and greater cross-border investment.
Launching the operational activities addresses growing expectations among member states for the institution to start deploying resources and advancing key projects, the statement said.
Convening in Bishkek for its second session, the board also approved TIF's 2024 annual report and audited financial statements, adopted the board of governors’ rules of procedure.
Preparations for project pipeline are in progress and financing activities are expected to begin as the operational framework comes into effect in early 2026.
The fund has also conducted initial discussions with various regional and international financial institutions to lay the foundation for future co-financing partnerships.
Uzbekistan’s governor and also the country's investment, industry and trade minister, Laziz Kudratov, was elected as the board's chairman.
Azerbaijan’s governor and the country's economy minister, Mikayil Jabbarov, meanwhile, was elected the vice chairman.
