TIF and BSTDB Signed Memorandum of Understanding

The Turkic Investment Fund (TIF) and the Black Sea Trade and Development Bank (BSTDB) signed a Memorandum of Understanding (MoU) on 12 October 2026, on the margins of the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand.

The MoU was signed by H.E. Baghdad Amreyev, President of TIF and Chairman of its Board of Directors, and Dr. Serhat Köksal, President of BSTDB. Before the signing ceremony, the Parties held a bilateral meeting to discuss possible areas of cooperation between their institutions, including opportunities for joint financing and investment.

The TIF delegation also included Mr. Ramil Babayev, General Director; Mr. Mehmet Esat Mert, Acting Chief Financial Officer; and Dr. Erhan Türbedar, Senior Advisor to the President for Economic Affairs. BSTDB was represented by Mr. Ziya Aliyev, Vice President Banking; Mr. Asterios Tsoukalas, Secretary General; Mr. Cagatay Imirgi, Director of External Relations and Communications; and Mr. Mehmet Tas, Special Advisor to the President.

The agreement provides a framework for cooperation in areas including regional and cross-border connectivity, infrastructure, renewable energy and energy efficiency, energy security, trade finance, MSME and private-sector development, digital infrastructure, agribusiness and other productive-sector investments.

Under the MoU, the two institutions will explore opportunities to identify projects of mutual interest, exchange information, cooperate on project preparation and structuring, and consider potential co-financing and parallel-financing arrangements. They may also work together to mobilize private capital and share knowledge and experience.

“The Turkic Investment Fund places particular importance on investments that strengthen economic links among its Member States. Azerbaijan and Türkiye are members of both institutions, and there may be opportunities for us to finance projects in these countries. This agreement gives our teams a basis to exchange information and consider projects that fit the priorities of both institutions. We hope these contacts will lead to cooperation on specific investment projects,” said H.E. Baghdad Amreyev, President of TIF.

“Regional cooperation is central to BSTDB’s mandate. This Memorandum of Understanding provides a practical framework for exploring cooperation with the Turkic Investment Fund in areas where our institutions have shared interests, including connectivity, trade, energy and private-sector development. We look forward to identifying concrete opportunities where our respective strengths can support investment and economic development across our regions,” said Dr. Serhat Köksal, President of BSTDB.

The signing followed an earlier meeting between B. Amreyev and S. Köksal in Doha on 29 September 2026, during which they discussed prospects for cooperation between the two institutions, including possible joint financing of investment projects.