This meeting was being convened pursuant to the decisions of the Heads of States taken at the 7th Turkic Council Summit held on 15 October 2019 in Baku and extraordinary videoconference Summit on 10 April 2020 on the operationalization of the Fund.
The Parties discussed the developments of the process of establishing the Fund since past years, stressed the advantages of the Fund as an efficient financial instrument needed the socio-economic development and enhance economic ties among the Member States to a desired level, particularly in the post pandemic period and also in the framework of the long-term vision of the Organization.
The participants made a comparative evaluation and considered the technical and financial proposals received from the national and international consulting companies on the preparation of a comprehensive study on the Fund. They also shared their views regarding the scope of the Fund, strategic priorities, preferred sectors and activity areas counted for the Fund, management and funding Structure and etc.
As result of the fruitful discussions, the Parties have selected the consulting company and reached a common understanding with regard the further steps of the process, as well as founding documents drafted by the Member States.
The senior officials expressed their confidence that the tangible results achieved at the meeting will accelerate the completion of procedures for the establishment of the Fund.
