Today during the visit of the President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, in the framework of 30th Plenary Session of the Foreign Investors' Council chaired by the President of the Republic of Kazakhstan, the Governor of the Astana International Financial Centre (AIFC) Kairat Kelimbetov and Sir Suma Chakrabarti signed a Letter of Intent between the AIFC and EBRD.
The Letter of Intent presupposes the cooperation between AIFC and EBRD on developing the legal and regulatory framework of the Astana International Exchange (AIX).
The Parties noted that the signed Letter of Intent will allow to proceed with a technical cooperation project, which goal is to contribute to the development of the AIFC and Astana International Exchange (AIX) by reviewing the complete draft rules prepared by AIX and finalizing the AIX rules in accordance with international standards.
According to Kairat Kelimbetov, Governor of the AIFC, cooperation with the EBRD can become a pledge of confidence in the rules and regulations of the AIX exchange by the global investment community, because the EBRD has an extensive experience in reforming the banking and financial systems, and developing a regulatory framework and corporate governance.
As the President of the EBRD Sir Suma Chakrabarti noted, the signed Letter of Intent will strengthen the ties between the EBRD and AIFC and will contribute to the development of the AIX exchange which is expected to launch in autumn 2017.
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 the 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, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
The European Bank for Reconstruction and Development (EBRD) was founded in 1991. The EBRD is committed to furthering progress towards ‘market-oriented economies and the promotion of private and entrepreneurial initiative’. The EBRD allocates project financing for banks, and individual enterprises - both newly formed and operating.