The Turkic Investment Fund, which is currently in the process of being created, is set to provide financial support to entrepreneurs in Azerbaijan’s newly liberated Karabakh region, Secretary-General of the Turkic Council Baghdad Amreyev told Trend News Agency in an interview.
According to Amreyev, the investment fund will soon be up and running.
The secretary-general also noted that the Turkic Council’s investment fund aims to finance small and medium-sized enterprises (SMEs), the construction of large infrastructure facilities, and establish contact between entrepreneurs of the participating countries.
He further pointed that the initial capital of the fund is expected to be $450 million, and is planned to hit $1 billion within a year.
"The fund's budget, first of all, will be formed through state funds and funds of financial organizations," said Amreyev.
The secretary-general stressed that the Turkic Council is interested in working not only in Karabakh but also in Azerbaijan’s other territories as well.
During the 44-day Karabakh War, Azerbaijan liberated several cities and nearly 300 settlements and villages from Armenia's nearly three-decade occupation.
"Companies from the countries of the Turkic Council will work in Azerbaijan to establish infrastructure, tourism facilities, renewable energy sources, and in a number of other areas," he concluded.
The council was established in 2009 as an intergovernmental organization with the overarching aim of promoting comprehensive cooperation among Turkic-speaking states.
It consists of Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan as member countries, and Hungary as an observer state.