The agreement for the Turkic Investment Fund has been approved, according to the decision published in Wednesday's edition of the Official Gazette with the signature of President Recep Tayyip Erdoğan.

"Approval has been granted for the attached 'Turkic Investment Fund Establishment Agreement,' signed in Ankara on March 16, 2023, and deemed appropriate for approval by Law No. 7470, under Articles 2 and 3 of Presidential Decree No. 9," the decision stated.

The Organization of Turkic States (OTS) signed a founding agreement to set up a fund to boost economic integration among the member countries during an extraordinary meeting of OTS members in March in Ankara.

According to the decision, the capital of the Turkic Investment Fund will be covered by five states, totaling $500 million (TL 14.52 billion).

The fund, in which Türkiye, Kyrgyzstan, Kazakhstan, Azerbaijan and Uzbekistan participate as investors, is divided into 10,000 shares. Every country must own shares in equal amounts, 2,000 each, per decree No. 7948 published in the Official Gazette.

Formerly called the Turkic Council, the OTS is an international organization comprising prominent independent Turkic countries that work together to elevate relations and union among themselves. In addition to Türkiye, its members consist of Azerbaijan, Kazakhstan, Kyrgyzstan and Uzbekistan. EU member Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus (TRNC) have observer status.