For Press

27/05/2016

The Astana International Financial Centre and United Nations Development Programme (UNDP) signed a Memorandum of Understanding

Today Norimasa Shimomura, UN Resident Coordinator and UNDP Resident Representative for Kazakhstan and Kairat Kelimbetov, the Governor of the Astana International Financial Centre signed a Memorandum of Understanding.

The purpose of this Memorandum is the development of a national framework for the system of green finance in the Republic of Kazakhstan.

Kairat Kelimbetov noted the significance of the signing of the Memorandum, and stressed that active engagement of the AIFC and the UNDP is designed to contribute to the successful implementation of the full transition to a "green economy", tasked by the President of Kazakhstan.

In turn, Norimasa Shimomura said that green finance is a logical component for the transition to a "green economy" and noted the special role of the AIFC as a promising hub for green finance in Kazakhstan.

UNDP will ensure close co-ordination of the United Nations financial institutions, such as the Global Environment Fund, the Green Climate Fund and other organizations with the AIFC to search for and implement the best practices in the field of green finance.

The Parties agreed to regularly conduct seminars, conferences and forums on learning the experience of green finance introduction and to develop a joint action plan for the implementation of the Memorandum aims.

Reference:

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.