Turkic Investment Fund to invest up to $20 mln in Almaty airport upgrade

September 28, 2026 at 05:46 PM2 min

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The Turkic Investment Fund will provide up to $20 million for the modernization of Almaty International Airport. The funds are part of a $670 million financing package arranged by Bank of America, announced on September 28 in Istanbul. The investment will target runway and airfield upgrades, cargo terminal expansion, and operational efficiency improvements.

Key Facts

The Turkic Investment Fund will provide up to $20 million for the modernization of Almaty International Airport.
The financing is part of a $670 million package arranged by Bank of America and announced on September 28 in Istanbul.
Almaty International Airport served 11.9 million passengers in 2025, up from 11.4 million in 2024.
TAV Airports has invested €572 million in the airport, including a €257 million first phase completed in 2024 and a €315 million second phase planned for 2025–2027.
The Turkic Investment Fund has a capital of $600 million, with $100 million contributed by each of its six member states: Azerbaijan, Hungary, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan.

Financing Details

The Turkic Investment Fund will direct up to $20 million toward the modernization of Almaty International Airport. The funds are part of a $670 million international financing package arranged by Bank of America and announced on September 28 in Istanbul. The investment will cover runway and airfield upgrades, expansion of cargo terminals, operational efficiency improvements, and environmental performance enhancements. The financing will be provided in accordance with applicable international environmental and social standards.

Airport Operations

Almaty International Airport is the largest aviation hub in Kazakhstan and one of the largest in Central Asia. According to operator TAV Airports, the airport served 11.4 million passengers and 114,600 tonnes of cargo in 2024. Passenger traffic rose to 11.9 million in 2025. TAV Airports has managed the facility since 2021 and completed a €257 million first investment phase in 2024, which included a new international terminal. The company is now implementing a second phase of €315 million scheduled for 2025–2027, bringing total investment to €572 million.

Fund Background

The Turkic Investment Fund is an international financial institution established to finance projects in Turkic states. Its current participants are Azerbaijan, Hungary, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan. The fund's capital is $600 million, with each of the six countries contributing $100 million. Kyrgyzstan ratified the agreement establishing the fund in January 2024. For the fund, this is its first investment in transport infrastructure and its first participation in a large international syndicated financing.