For Press

17/04/2017

The Government of the Republic of Kazakhstan established the Commission on the AIFC’s issues

The Commission on the Astana International Financial Centre issues was established by the order of the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev. The Commission is an advisory body to the Government of the Republic of Kazakhstan.

The working body of the Commission is the Ministry of Finance of the Republic of Kazakhstan.

The commission is headed by First Deputy Prime Minister of the Republic of Kazakhstan A. Mamin.              

Minister of Finance of the Republic of Kazakhstan B. Sultanov, Governor of the AIFC K. Kelimbetov, as well as employees of several ministries, Astana City Hall, JSC SWF Samruk-Kazyna, NMH Baiterek and JSC “National company “Astana EXPO-2017” are represented on the Commission.

The purposes of the Commission is providing effective interaction of all interested state bodies and organizations in implementing a set of measures to establish the leading international financial centre in Kazakhstan.

The AIFC operates within a special legal regime based on Common Law, which regulates the legal relationships between AIFC participants and third parties and is aimed at the development of the financial market. The AIFC will also provide its participants with tax preferences.  

One of the main aims of the established Commission are promoting the development of the financial system of Kazakhstan and attracting investment in contact with all interested government agencies and organizations.

 

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.