President of the Republic of Turkey Recep Tayyip Erdogan approved a protocol on the financing of the International Turkic Culture and Heritage Foundation.
According to the protocol, the budget of the International Turkic Culture and Heritage Foundation will be formed on the basis of compulsory contributions of the member countries of the Cooperation Council of Turkic-Speaking States (Turkic Council), including Turkey.
The International Turkic Culture and Heritage Foundation was established by the initiative of the President of the Republic of Azerbaijan and with the support of the heads of state of Kazakhstan, Kyrgyzstan and Turkey. In 2019, at the 7th Summit of the Cooperation Council of the Turkic-Speaking States (Turkic Council) Uzbekistan became a member of the organization, and Hungary received the status of an observer country. In February 2021, a Memorandum of Cooperation was signed between the International Turkic Culture and Heritage Foundation and the Embassy of the Republic of Lithuania in Azerbaijan.
The headquarters of the organization is located in Baku, Azerbaijan. The opening ceremony of the Foundation's building was held as part of the 7th Summit of the Cooperation Council of the Turkic-Speaking States in October 2019 with the participation of the ministers of foreign affairs of the member and observer countries of the Foundation, as well as heads of international Turkic cooperation organizations.