Qatar Fund for Development ready to jointly finance energy projects in Turkic region with TIF

The Qatar Fund for Development (QFFD) is interested in expanding cooperation with the Turkic Investment Fund (TIF) in the Turkic region, particularly in Central Asia, QFFD CEO Fahad Hamad Hassan Al-Sulaiti said during a meeting with TIF President Baghdad Amreyev, Report informs.

According to him, the initial focus is expected to be on projects in the energy, natural resources, and export promotion sectors.

Amreyev, in turn, expressed willingness to explore opportunities for practical collaboration and proposed building cooperation based on the formation of a joint project portfolio, followed by structuring and co-financing. He also proposed identifying priority areas for joint work between QFFD and TIF in the short and medium term.

Following the meeting, the parties agreed to maintain active technical cooperation. The first step will be the signing of a memorandum of understanding, after which they plan to move on to the development of the first package of pilot projects aligned with the priorities of both organizations.

Furthermore, the parties intend to coordinate their activities through the Arab Coordination Group platform as cooperation develops in the TIF's target region.

The decision to establish the Turkic Investment Fund was made at the 9th Summit of the Organization of Turkic States (OTS), held on November 11, 2022, in Samarkand. The agreement establishing the TIF was signed by Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan at an extraordinary OTS summit in Ankara on March 16, 2023, and entered into force on February 24, 2024.

Following Hungary's accession, the Fund's authorized capital increased by $100 million, reaching $600 million. It was previously noted that the TIF plans to further increase its capital over the next five years.