BAKU, Azerbaijan, July 29. The Turkic Investment Fund (TIF) and the Uzbek-Kyrgyz Development Fund (UKDF) have signed a memorandum of understanding (MoU) to expand institutional cooperation and jointly pursue cross-border investment opportunities.
This was reflected in the press release, published by the Turkic Investment Fund (TIF).
The agreement was signed on July 28 in Bishkek on the sidelines of the "Kyrgyzstan–Uzbekistan: Industrial Cooperation, Investment and Trade" business forum by TIF Director General Ramil Babayev and UKDF Chairman Aziz Aaliev.
The memorandum establishes a framework for cooperation in identifying and co-financing investment projects, promoting regional connectivity, supporting private sector development and advancing green and climate-resilient investments.
"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. 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," TIF Director General Ramil Babayev said.
Under the agreement, the two institutions will also cooperate on institutional capacity building in financing and treasury operations, while exploring risk-sharing mechanisms designed to facilitate cross-border investment and business expansion. The partners agreed to hold meetings at least once every six months to assess progress in implementing the memorandum and identify new areas for cooperation.
The Turkic Investment Fund, the first international financial institution established jointly by the member states of the Organization of Turkic States (OTS), was created to promote economic cooperation, increase intraregional trade and support sustainable development across the Turkic world. The fund's establishment agreement was signed during the OTS Extraordinary Summit in Ankara on March 16, 2023, and entered into force on Feb. 24, 2024. With an authorized capital of $600 million, the TIF finances projects aimed at strengthening regional economic integration, encouraging private sector investment and supporting sustainable growth across its member states.
The partnership with the Uzbek-Kyrgyz Development Fund is expected to enhance financing opportunities for joint projects and reinforce economic cooperation between Uzbekistan and Kyrgyzstan while contributing to broader regional integration initiatives across the Turkic world.
