W MUSAVIR:
ASTANA: “The Astana International Financial Centre (AIFC) is being established as a financial hub of new generation,” Kazakh PM Bakytzhan Sagintayev said addressing the Astana Finance Days session.
“The young capital represents the birth of sovereign Kazakhstan; our victories and achievements; future of the country aimed at joining the ranks of Top 30 economies of the world. And literally tomorrow Astana will host a special event – the official presentation of the Astana International Financial Centre, the largest national megaproject in all the years since its independence destined to become a breakthrough in the financial markets of the future, Sagintayev said.
“It will not only fulfill traditional functions of the world financial centers, but also provide services in the most promising development directions of global finance,” he stressed.
Our first major step will be the public offering of shares of our largest national companies at the AIFC Stock Exchange,” Kazakhstan PM said in Astana. The giants of the national economy such as Air Astana, Kazatomprom, Kazakh telecom are going to submit an IPO.
Accordingly, by the end of 2020, shares of other major companies of our country – Kazakhstan Temir Zholy, KazMunaiGaz, Samruk-Energo, KazPost, Tau-Ken Samruk, and Kazakh Air are also going to submit an IPO. This is a unique opportunity for business and investors.
” Astana hosted the annual Kazakhstan Global Investment Roundtable, involving 500 prominent businessmen and investors from 40 countries. “Direct dialogue of investors with the Government, communication with partners showed a high investment interest in the country. On the margins of the Roundtable, about 30 different commercial documents were signed for a total amount of 4.8 billion US dollars.
“We value this investor’s confidence! The Government of Kazakhstan invites everyone to become participants of the AIFC! Kazakhstan confirms its global openness and readiness for dialogue with you,” Sagintayev said in a conclusion.
He said, “Creation of AIFC was mentioned by President of Kazakhstan Nursultan Nazerbeyeh in 2015 and now you can see this is finally happening Astana. By July 1, 2018 we have already 50 companies listed with us. 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 and English will be the official language of 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, to ensure their integration with the international capital market and to develop markets for insurance and banking services and for Islamic financing in Kazakhstan.
PM said, “We consider the Astana International Financial Centre as a fintech-stepping stone to create and develop solutions in the field of financial technologies. Such work has already been started in partnership with Mastercard and Visa, Microsoft and Tai Cloud Corp.
“AIFC could become an effective platform for introduction of tools, mechanisms and standards of “green” financing. In the field of cleantech the AIFC already hosts the Competence Centre of green finances, as well as the International Centre for green technologies and investment projects under the auspices of the UN,” Sagintayev stressed.
“Another feature of the AIFC financial services is promotion of the Islamic financing market. The necessary legal and regulatory environment has already been created within the AIFC in cooperation with the Asian Development Bank and the Islamic Development Bank. By the end of this year, the public issue of Islamic securities – sukuk – will be accomplished. In the long term, we see the AIFC as a regional hub for Islamic financing,” he outlined. “Thus, the Astana International Financial Center is going to provide a fairly wide range of financial services. By all means, this is an advantage, but not the only one,” Sagintayev resumed.
Kazakhstan views the Astana International Financial Centre (AIFC) as part of the global financial system, addressing the media Governor of AIFC Kairat Kelimbetov said. He said this land of vast opportunities will not let down the investors across the globe.
“The global chain of financial centers, that manage world money flows, stretches almost across the globe – from Toronto to Sydney and from Tokyo to New York. Each of them has their own unique niche. The AIFC with its unique geographical location will provide access to the Central Asian markets, the EAEU, the countries of the Middle East,” he added.
Governor also said that, it must also be considered that Astana is one of the key links in the new transcontinental routes of the global “Belt and Road” initiative. Therefore, the AIFC will become a natural financial and economic bridge between Western China, Mongolia and European countries. “All of this opens access to a gigantic market of more than 1 billion people,” Kairat Kelmbeto added.
Meanwhile, The Interstate Bank with 100% participation of the public capitals of the CIS Member States and the Astana International Financial Centre have signed a Memorandum of Understanding. The document was signed by the heads of the Interstate Bank and AIFC, Igor Suvorov and Kairat Kelimbetov, respectively.
“We can now proceed from the fact that there is an international financial center in Eurasia. Previously, we knew London, New York, Singapore, then Dubai. Now, we have our own international financial center. You did what we were not able to do in Moscow,” Igor Suvorov said after the signing ceremony.
According to the MoU, the Interstate Bank will provide AIFC with consultations and required information within its competence for building the market infrastructure and developing the investor base.