FOR INTEGRATED TURKIC PROSPERITY

Member states

The member states of the Turkic Investment Fund,
are Azerbaijan, Hungary, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan. TIF aims at bolstering trade and economic cooperation besides increasing connectivity among Turkic world.

Hungary

Hungary has a diversified economy that is well-integrated into the European markets and supply chain. Its robust manufacturing sector, developed infrastructure, and strategic location allow businesses operating from Hungary to capitalize on its European Union (EU) membership and the free movement of goods among EU Member States. The Hungarian economy is projected to experience accelerated growth in the medium term as its primary trading partners within the EU begin to recover more vigorously, which will significantly benefit key industries such as automotive, electronics, and machinery.

Türkiye

Türkiye’s strategic location at the crossroads of Europe, Asia, and the Middle East makes it a gateway for trade and investment, with easy access to major export markets. The country boasts a diversified manufacturing and strong production expertise across various sectors, from automotive and textiles to electronics and machinery. Its large consumer market supports domestic demand and long-term growth. With a dynamic private sector and booming tourism, Türkiye is well-positioned for continued economic success, offering significant opportunities for businesses and investors in the years ahead.

Azerbaijan

Azerbaijan is rich in mineral resources, mainly oil and natural gas, whose production has experienced a remarkable increase in recent years, leading to high economic growth. Azerbaijan is actively working to diversify its economy. The country’s real GDP growth is projected to accelerate gradually in the medium term, driven by increased gas production to meet supply commitments to the EU. Furthermore, growth in the non-oil and gas sectors and enhanced trade along the Trans-Caspian International Transport Route are expected to boost further Azerbaijan’s economic development.

Kazakhstan

With its vast oil, gas, and mining reserves, Kazakhstan is the largest economy in Central Asia. The country actively focuses on diversifying its economy, particularly on developing its industrial and IT sectors. Stability and continuity in economic policies and Kazakhstan’s crucial role in key transport corridors connecting Asia and Europe position the country for substantial infrastructure and trade growth. Over the medium term, Kazakhstan’s robust annual growth is expected to be driven by a combination of energy production, industrial expansion, construction activity, and agricultural productivity.

Uzbekistan

Uzbekistan, rich in natural resources and hydroelectric potential, is set for robust economic growth. Economic reforms, significant public investments, and favorable foreign investment conditions are driving the country’s sustainable development. As Central Asia’s most populous nation, it offers a large consumer market. The economy is expected to grow robustly in the coming years, supported by private consumption, investment, and a growing population. Key sectors such as retail trade, construction, and mining will sustain this growth, positioning Uzbekistan as a crucial player in the region’s economic landscape.

Kyrgyzstan

The Kyrgyz Republic is rich in metal deposits and has significant hydropower potential, offering strong growth opportunities. Recent structural reforms have bolstered private sector development, making the country attractive to investors across multiple sectors. The country also holds prospects for developing the tourism and hospitality industry. Furthermore, the development of railway links connecting China, Uzbekistan, and Kyrgyzstan will boost the construction sector and open new trade and investment opportunities. These initiatives position the Kyrgyz Republic for long-term economic growth and greater integration into regional markets.

Board of governors

Mr. Mikayil Jabbarov: Minister of Economy of the Republic of Azerbaijan; Azerbaijan
Mr. Marton Nagy: Minister for National Economy of Hungary; Hungary
Mr. Serik Zhumangarin: Deputy Prime Minister, Minister of National Economy of the Republic of Kazakhstan; Kazakhstan
Mr. Bakyt Sydykov: Minister of Economy and Commerce of the Kyrgyz Republic; Kyrgyz Republic
Mr. Mehmet Şimşek: Minister of Treasury and Finance of the Republic of Türkiye; Türkiye
Mr. Laziz Kudratov: Minister of Investment, Industry and Trade of the Republic of Uzbekistan; Uzbekistan

Alternate governors

Mr. Sahil Babayev: Minister of Finance of the Republic of Azerbaijan; Azerbaijan
Mr. Márton Bókay: Deputy State Secretary for International Financial Relations- Hungary; Hungary
Mr. Dauren Kenbeil: Vice Minister of Finance of the Republic of Kazakhstan; Kazakhstan
Mr. Ruslan Tatikov: Deputy Minister of Finance of the Kyrgyz Republic; Kyrgyz Republic
Mr. Osman Çelik: Deputy Minister of Treasury and Finance of the Republic of Türkiye; Türkiye
Mr. Khurram Teshabaev: Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan; Uzbekistan

Board of directors

Mr. Ulvi Mansurov: The Executive Director of the Azerbaijan Investment Company; Azerbaijan
Mr. Gábor Matula: Head of Department for Investment Funds – Hungary; Hungary
Mr. Marat Elibayev: Chairman of the Management Board of JSC "Development Bank of Kazakhstan; Kazakhstan
Mr. Choro Seyitov: First Deputy Minister of Economy and Commerce of the Kyrgyz Republic; Kyrgyz Republic
Mr. Kerem Dönmez: Director General for Foreign Economic Relations of the Republic of Türkiye; Türkiye
Mr. Shukhrat Vafaev: Executive Director of the Fund for Reconstruction and Development of Uzbekistan; Uzbekistan

Alternate directors

Mr. Parvin Manafov: Head of the Domestic Debt Management Department of the Agency for Managing Public Debt and Financial Obligations under the Ministry of Finance of Azerbaijan; Azerbaijan
Dr. Attila Pintér: Consul General of Hungary in Istanbul; Hungary
Mrs. Saadat Assanseitova: Director of the Department of International Cooperation of the Ministry of Economy of Kazakhstan; Kazakhstan
Mr. Omurbek Kenzhebayev: Head of the International Financing, Green Economy and Tourism Department at the Minister of Economy and Commerce of the Kyrgyz Republic; Kyrgyz Republic
Mr. Tevfik Kalkan: Head of Department for Multilateral Development Banks of the Ministry of Treasury and Finance of the Republic of Türkiye; Türkiye
Mr. Ulugbek Mukhtarov: Deputy Executive Director of the Fund for Reconstruction and Development of Uzbekistan; Uzbekistan

President of TIF and the Chairman of the Board of Directors

H.E.
Baghdad
Amreyev

H.E. Baghdad Amreyev is an eminent diplomat of Kazakhstan whose contributions have profoundly impacted international relations, particularly within the Turkic world. He was instrumental in establishing the Organization of Turkic States (OTS) and the Turkic Investment Fund. Serving as the Secretary General of OTS from 2018 to 2022, H.E. Amreyev was pivotal in advancing political relations and encouraging strategic economic partnerships among Turkic nations, significantly enhancing their collective influence on the global stage.

Throughout his memorable career, Amreyev held ambassadorial posts in Saudi Arabia, Egypt, Türkiye, and Iran and represented Kazakhstan in numerous countries across the Middle East, Africa, and the Balkans. His extensive diplomatic accomplishments have earned him multiple state honors. Fluent in seven languages, he is also an accomplished author of global politics and international relations.

General director

Mr. Ramil A Babayev

Mr. Ramil A. Babayev brings extensive international experience across both the public and private sectors. He has held leadership roles in the governance of downstream, midstream, and upstream operations, and has represented various companies on multiple industry committees. Mr. Babayev has served on Boards of Directors, demonstrating a strong track record in establishing new businesses, functions, and operations.

Mr. Babayev’s broad exposure to all aspects of the “Three Lines of Defense” framework has equipped him with a multidimensional approach to risk management and organizational control. His ability to combine lateral thinking with effective oversight has resulted in multimillion-dollar cost savings and enhanced profitability for the organizations under his leadership.

Senior leadership

Mrs. Betül Sarıkaya

Chief Financial Officer

Betül Sarıkaya is a seasoned CFO with a proven track record in corporate finance, treasury, risk management, reporting and budgeting and Mergers & Acquisitions activities across different sectors. She oversees financial operations, strategic planning, and portfolio performance, contributing to both growth and transformation initiatives. With a strong background in leading finance teams, managing multi-billion-dollar assets, and driving post-acquisition integrations, Mrs. Sarıkaya brings a wealth of expertise to her roles. Holding an Executive MBA from Koç University and a B.S. in Political Science from METU, Mrs. Sarıkaya is recognized among Türkiye’s top CFOs with a Golden Leader award (2023). She is also a Certified Public Accountant and a proud mother of two.

Mr. Sanjar Usmanov

Chief Investment Officer

Sanjar Usmanov is an experienced investment and finance professional with over 22 years track record in development banking, project and corporate finance, risk and investment strategy management. Currently serving as the Chief Investment Officer at the Turkic Investment Fund (TIF), Mr. Usmanov plays a key role in forming and driving the strategic investments agenda to foster economic prosperity of the Turkic world. Prior to joining the TIF, he spent over 17 years at the European Bank for Reconstruction and Development (EBRD), where Mr. Usmanov led on investment projects across many regions and sectors, and on policy reforms promoting economic transition in EBRD countries of operations. Lately he has heading the EBRD’s SME Corporate Portfolio overseeing its global SME portfolio stretching from Mongolia in the East to Morocco in the West. His career began at ‘Pakhta Bank’ in Uzbekistan, where he specialized in project financing and SMEs support. Holding a MA in International Economic Relations from the University of World Economy and Diplomacy, Mr. Usmanov is a proud father of four.

Chief Legal and Operations Officer

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