For Press

26/10/2016

AIFC became partner of IFFO under Hong Kong Government

Astana International Finance Centre became a partner of the Infrastructure Financing Facilitation Office (IFFO) under the Government of the Special Administrative Region (SAR) of China Hong Kong.

As part of the global initiative "One belt, one road" the Hong Kong SAR plans to launch a large-scale financing by providing a platform for comprehensive financial services to businesses and corporations that invest in infrastructure projects along the economic belt of the Silk Road. To this end, on July 4 the Infrastructure Financing Facilitation Office (IFFO) was created.

In September the AIFC and SAR Government agreed to cooperate.

The partnership was announced today, 26 October, during a seminar on the topic "Private participation in Infrastructure Project finance in Emerging Markets", which was held in Hong Kong with participation of heads of international financial institutions.

The list of new IFFO partners was announced by IFFO Director – HKMA Deputy Chief Executive Eddie Yue. He noted that the IFFO platform was created through the involvement of partners from the insurance, banking and legal sectors, as well as international business councils and corporations.

According to him, with the involvement of new partners, the IFFO gets more opportunities to carry out their activities. Eddie Yue announced the readiness of Hong Kong side to start exploring areas of cooperation, fitting the IFFO functions such as information exchange, capacity building, development of markets and products, promoting investment processes in order to create favourable conditions for infrastructure financing, particularly in emerging markets.

This partnership opens up new opportunities not only for the AIFC, but for Kazakhstan as a whole, since, according to preliminary estimates, the mega-project "One belt, one road" will cover around 60 countries with a total population of more than 4 billion people, and the GDP about $2 trillion, which in turn is 62% and 29% of the global total indexes.

 Reference:

 AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in a post-Soviet region, a 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 Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.