For Press

10/10/2017

President of the Republic of Kazakhstan N. Nazarbayev met with the Governor of the Astana international financial centre K. Kelimbetov

Today president of the Republic of Kazakhstan Nursultan Nazarbayev met with the Governor of the Astana international financial centre Kairat Kelimbetov.

During the meeting, the Head of State was informed about the progress of the preparatory work for the launch of the Astana international financial centre, which is created based on the best world practices.

Kairat Kelimbetov reported on the main directions of the centre’s development and the progress of the creation of a high-tech AIX Stock Exchange. The Governor of AIFC noted that agreements have already been concluded with the Shanghai Stock Exchange and Nasdaq Inc., which will contribute to the further development of the financial centre.

Since the idea for the establishment of the AIFC, a considerable amount of work has been done. The Constitutional Law on the AIFC has come into force, and an amendment to the Constitution of the Republic of Kazakhstan which fixes the constitutional bases of the special legal regime of the AIFC has been adopted.

By now, the initial governing bodies such as the supreme collegiate body – the AIFC Management Board, the working body – the AIFC Authority, and Astana Financial Service Authority (AFSA) have been established.

The AIFC will work upon a legal regime based on the principles of common law in order to ensure the international community’s confidence in AIFC and protect the interests of investors and clients of financial services. The development of normative documents of the Independent Courts and the International Arbitration Centre, which are planned to open in January 2018, is nearing completion.

In addition, K.Kelimbetov said that the largest financial institutions such as the Silk Road Fund, the Development Bank of China, the Shanghai Stock Exchange, as well as the Islamic banks of such countries as Saudi Arabia, the United Arab Emirates and a number of Middle Eastern countries are already negotiating the opening of their own representative offices at the AIFC territory.

K. Kelimbetov also informed the Head of State about the main directions of development of the AIFC: capital market, asset management, private banking, Islamic finance, financial technologies, and green finance.

Kairat Kelimbetov shared the plans to move the AIFC’s office to the EXPO exhibition territory.

According to the Government’s order, during the post-exhibition period JSC National Company EXPO-2017 has to reconstruct its buildings to class A offices for accommodation exhibitions, IT-park, free economic zones, and the AIFC (all bodies and participants of the centre). Therefore, the relocation will be possible after the completion of building reconstruction, not earlier than the fourth quarter of 2017.

The AIFC will be located in these buildings on long-term lease conditions because according to the relevant protocol of the State Commission under the Government of the Republic of March 31, 2013, the owner of the constructions is JSC National Company EXPO-2017.

Reference

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre of financial services. For the first time in the post-Soviet region, a British common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

The objectives of the AIFC are to attract investment into the economy of the Republic of Kazakhstan through the establishment of an attractive environment for investment in financial services, to develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.