The joint activities of the parties within the framework of the memorandum are aimed at active cooperation in transferring the Fund’s assets to the competitive environment, in particular listing the Fund’s shares on AIX, the Astana International Exchange.
The Fund and the AIFC are fruitfully cooperating in the framework of the Comprehensive Privatization Plan for 2016-2020. In 2019, the AIX platform held the successful issue of IPO of Kazatomprom, and also conducted the company’s SPO this year. International investors showed great interest in the asset: foreign institutional investors bought 2.5 million Kazatomprom global depositary receipts issued on AIX of the 4.3 million GDRs.
The parties also agreed to actively use the jurisdiction of the AIFC by including the stipulations of the AIFC Court and the International Arbitration Center as the institutions for the resolution of disputes in the agreements concluded by group companies of the Fund.
The Fund and AIFC intend to jointly use the capabilities of the Expat Centre and the AIFC Bureau for Continuing Professional Development. There are also plans to develop training programs for employees of the Fund’s group of companies in general English law at the AIFC Law Academy.
According to the Memorandum, the Parties will actively cooperate in the field of financial technologies, Big Data, the development of fintech innovations in the AIFC regulatory sandbox.
Chairman of the Board of the Samruk-Kazyna National Welfare Fund Akhmetzhan Yessimov noted:
“Samruk-Kazyna Fund, one of the main tasks of which is the completion of the privatization program, is extremely interested in the development of AIFC. The experience of issuing Kazatomprom global depositary receipts has shown its potential as an exchange platform.”
AIFC Governor Kairat Kelimbetov noted:
“We have witnessed unique processes when the further development of the country should be, first of all, connected with a serious change in the structure of the economy. And therefore, our cooperation now is especially important. Accelerated digitalization makes the capabilities and services of our platform in demand. This applies to crowdfunding, and the possibility of receiving various support through digital platforms, through digital banks, and the trend towards continuing education, when traditional universities are fully utilizing online platforms. We are ready to support the Fund in its use of our site and resources.”
Reference:
The Astana International Financial Center (AIFC) was created on the initiative of the first President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC was signed on December 7, 2015. AIFC's goal is to form a leading center of financial services at the international level. The AIFC aims to assist in attracting investment in the country's economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets. www.aifc.kz
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