The Organization of Turkic States (OTS), on the sidelines of the extraordinary summit of the OTS leaders in Türkiye's capital Ankara on March 16, inked a founding agreement to set up an investment fund with a wealth of $500mn.
Reportedly, the Fund will aim at boosting economic integration among the member countries. To this end, the role of intraregional trade and support for economic development will be strengthened.
The Fund will include two financial assets - paid-up and borrowed shares, subject to circulation. The total value of the funds already available will be $350mn, and the funds raised will be $150mn.
The authorized capital of the Fund will include equal shares of financial resources from each of the OTS member countries (Kyrgyzstan, Kazakhstan, Turkey, Azerbaijan, Uzbekistan).
Each country invests approximately $100mn. The authorized capital will be differentiated by 10,000 shares, with a nominal value of $50,000 each.
In the first stage, countries will pay $5mn. After that, they will have to make three more contributions - for $18mn, $23mn, and $24mn.
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