Today, the Astana International Financial Centre (hereinafter - AIFC) and Samruk-Kazyna (the Fund) signed a Memorandum of Understanding (MOU) within the framework of the Joint Action Plan of the Government of the Republic of Kazakhstan and the National Bank of the Republic of Kazakhstan on the creation and development of the Astana International Financial Centre in the long term, approved by Decree of the Government dated May 30, 2015 №393 (with amendments and supplements, September 8, 2016 №530).
The MOU implies the approval of the Roadmap for the IPO of Fund’s companies, in compliance with the implementation of the Comprehensive Privatization Plan for 2016-2020.
It was noted that the IPO is planned for the most attractive companies of the Fund in terms of investment.
According to the AIFC Governor Mr. K. Kelimbetov, AIFC will play a key role in the implementation of the privatization programme by creation of a developed financial infrastructure, and will ensure the development of the regulatory framework and will attract foreign investors.
As Chief Executive Officer of Samruk-Kazyna JSC Umirzak Shukeyev pointed out, cooperation with AIFC is significant for the Fund as it will allow to develop Kazakhstan's capital market and open up new opportunities to attract investment for the quasi-public sector companies.
As noted by the parties, cooperation between AIFC and the Fund within the framework of the signed document will consolidate liquidity and create a deep capital market based on the new exchange infrastructure, and will also contribute to the development of the local capital market and the inflow of foreign investments in Kazakhstan.
AIFC. In December 2015 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 post-Soviet region 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 through the establishment of an attractive environment for investment in the financial services, 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.
Samruk-Kazyna JSC. Fund, the only shareholder of which is the Government of the Republic of Kazakhstan. The Fund was founded in 2008 by the Decree of the President of the Republic of Kazakhstan and is a commercial structure - an investment holding whose mission is to enhance the national welfare of the Republic of Kazakhstan and support the modernization of the national economy. Samruk-Kazyna Fund fulfils its mission through effective management of portfolio companies to increase their long-term value and sustainable development, and through investments in the development of priority sectors of the national economy. The Fund's assets are about $ 61.5 billion. The companies of the Fund Group carry out about a quarter of all investments in Kazakhstan. The Samruk-Kazyna Group of Companies includes oil and gas, transport and logistics sectors, chemical and nuclear industries, mining and metallurgy, energy, engineering and real estate. In accordance with the decree of the President of the Republic of Kazakhstan, Samruk-Kazyna JSC is carrying out a large-scale program on privatization for 2016-2020. The main goal of this program is to increase the efficiency of Kazakhstan's economy by transferring state assets to a competitive environment.