KFAED and the Turkic Investment Fund sign an MoU to explore joint development financing, exchange technical expertise and identify projects, including potential cooperation on an electricity project in Uzbekistan.
The Kuwait Fund for Arab Economic Development (KFAED) and the Turkic Investment Fund (TIF) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in development financing, technical assistance and project identification. The agreement was signed on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand.
The MoU was signed by Rashid Al-Bader, Acting Director General of KFAED, and Baghdad Amreyev, President and Chairman of the Board of Directors of TIF. The agreement establishes a framework for both institutions to coordinate activities in line with their respective policies, priorities and mandates.
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Under the agreement, the institutions will exchange information, knowledge and technical expertise while identifying development projects that could benefit from financial support, technical assistance or both. They will also hold periodic consultations to coordinate operations and explore opportunities for joint financing in countries where their activities overlap.
The partnership aims to combine the institutions’ resources and experience to support development initiatives and improve project preparation. The Kuwait Fund has expressed interest in sharing project pipelines with TIF to identify suitable opportunities for cooperation, particularly in Central Asia.
The discussions also covered a proposed electricity project in the Shirin Shaharcha development in Samarkand, Uzbekistan. KFAED has approved a grant to fund the project’s feasibility study, while TIF has expressed interest in exploring possible participation. The initiative could provide an early opportunity to translate the agreement into a specific development project.
The Turkic Investment Fund was established to promote economic and trade cooperation among its member countries by financing strategic projects and working with international development and financial institutions. The Kuwait Fund, meanwhile, supports economic development through grants, loans and technical assistance across countries in which it operates.
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The MoU reflects both institutions’ efforts to expand international partnerships and mobilise resources for development priorities. Its implementation will depend on identifying suitable projects, coordinating financing arrangements and assessing opportunities for technical cooperation.