ADB ready to co-finance projects with Turkic Investment Fund

The Asian Development Bank (ADB) and the Turkic Investment Fund (TIF) have discussed project co-financing opportunities, Report informs referring to the TIF website.

The discussions took place during a meeting between TIF President Baghdad Amreyev and ADB Vice President Yingming Yang.

TIF President Amreyev was joined by Ramil Babayev, General Director of TIF, and Sanjar Usmanov, Chief Investment Officer of TIF. The ADB delegation included Mrs. Leah Gutierrez, Director General for the Central and West Asia Department, and Kiyoshi Taniguchi, the department's Regional Lead Economist.

Underlining TIF's main missions and goals, Amreyev stated that the Fund aims to strengthen trade, investment, and economic cooperation among the Turkic countries and to contribute to ensuring their stronger links with the global economy. TIF at the early stages will focus on co-financing cross-border projects to facilitate intra-regional connectivity and economic integration.

General Director Babayev expressed TIF's willingness to establish stronger ties with ADB and identified several areas where cooperation could be initiated.

Yang warmly welcomed the President of TIF and the accompanying delegation, briefed them on the ongoing cooperation projects implemented by ADB in the TIF geography and shared with them his vision for establishing fruitful collaboration with TIF.

Yang indicated that TIF's regional focus aligns well with ADB's priorities and noted that the Bank is open to co-financing projects that promote shared objectives. The Vice President of ADB expressed his belief that cooperation with TIF could lead to stronger, more effective results in the region.

Parties agreed to begin technical discussions to outline a framework for cooperation and lay the foundation for a long-term partnership between TIF and ADB.

The Turkic Investment Fund was established on May 18, 2024, by Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan, and Uzbekistan. Its goal is to support public and private projects in Turkic-speaking countries, attract investment in infrastructure, renewable energy, agriculture, and tourism, and promote sustainable economic growth.

Following Hungary's accession, the Fund's authorized capital increased by $100 million to $600 million.

Azerbaijan has been a member of the ADB since 1999. During this period, the bank has provided over $5 billion in loans to the country, including $1.5 billion for transport projects and $1.7 billion for energy initiatives.

The Asian Development Bank was founded in 1966 and is headquartered in Manila, Philippines. It comprises 69 member countries, 50 of which are located in the Asia-Pacific region.