Kyrgyz financial institutions and business are interested in the AIFC platform

Sadyr Japarov, President of the Kyrgyz Republic visited Republic of Kazakhstan in March 2021 and during his official visit he got acquainted with the work of the Astana International Financial Center (AIFC). During the negotiations, an agreement was reached to strengthen mutual understanding and cooperation to promote the use of the advantages of the AIFC platform in the implementation of investment and financial initiatives of the Kyrgyz Republic.

Within the framework of the idea, as well as to strengthen the AIFC in the status of a regional financial center, the delegation of the Center visited Kyrgyzstan on 6-8 September 2021. During the visit there were meetings held with the Chairman of the National Bank of the Kyrgyz Republic, President of the Union of Banks of Kyrgyzstan, Chairman of the Board of Directors and President of the Kyrgyz Stock Exchange, as well as with other representatives of government and commercial structures of Kyrgyzstan.

The key result of the visit was the agreement between Yernur Rysmagambetov, the Chairman of the Board of AIFC Authority and the Almambet Shykmamatov, the Minister of Investments of the Kyrgyz Republic on the implementation of joint projects aimed at attracting foreign investment, developing securities markets, expanding venture investment and innovations opportunities.

An agreement was also reached between the AIFC Authority and Optima Bank on the use of the AIFC ecosystem for the development and implementation of joint educational programs and professional events.

Additionally, consent was reached on using the platform of the Union of Banks of Kyrgyz Republic to expand opportunities for continuous professional development of employees of the financial and investment sectors of Kyrgyzstan, expand partnerships in the development of Green and Islamic finance, as well as the introduction of ESG principles in second-tier banks of Kyrgyzstan.

To combine efforts on Central Asia region’s development of the capital market and investment attractiveness, separate meetings were held with representatives of the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

 

Reference information:

 The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.

The mission of the AIFC is in assisting the sustainable and long term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.”

The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.” https://aifc.kz/

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