Astana hosted the official presentation of the Astana International Financial Center with the participation of the President of the Republic of Kazakhstan Nursultan Nazarbayev, Kazinform reports.
The official opening of the AIFC was the main event of the Astana Finance Days forum. Heads of states and major international companies, politicians, experts were attending the event.
The law on the establishment of the AIFC was signed by Nursultan Nazarbayev in December 2015. Its work is aimed at creating an attractive environment for investment, developing the securities market of Kazakhstan, ensuring its integration with international capital markets. AIFC also intends to develop in the country the markets for insurance, banking services and Islamic finance, the agency recalled.
55 companies have already been registered in AIFC; it is planned to increase the number up to 500 until 2020. The Financial Center cooperates with large financial institutions - the World Bank, IMF, EBRD, ADB, Asian Bank for Infrastructure Investments, and the new Development Bank of the SCO countries.
Within the framework of the Astana Finance Days, AIFC signed memorandums of understanding with the Financial Services Regulatory Authority of Qatar Financial Center, ERG, Interstate Bank for CIS. The Silk Road Fund signed documents to obtain the status of a shareholder of the AIFC Stock Exchange.
At the opening ceremony in Astana, the Head of State Nursultan Nazarbayev launched the Stock Exchange of the "Astana" International Financial Center, Kazpravda.kz reports.
The President congratulated everyone on the launch of the AIFC stock exchange. He thanked all participants of this project and guests of the ceremony for their attention to the Kazakhstani initiative, and expressed confidence that the AIFC will serve the prosperity of Astana and Kazakhstan as a whole.
"For the convenience of participants and the development of the stock market, a stock exchange of the "Astana" International Financial Center with a high-tech infrastructure has been created, which involves the NASDAQ and the Shanghai Stock Exchange. In the world market they occupy the 2nd and 4th places. At present there are 14 local and international brokers with total assets worth 34 billion dollars in the AIFC exchange and these figures will grow," the President said.
The head of state noted that Kazakhstan plans to put the shares of major mining, oil and gas, transport, information and communication and other domestic companies to the IPO.
Speaking at the official opening ceremony of the "Astana" International Financial Center, Nazarbayev stressed that the AIFC model contains the best practice of similar structures in the world, Kazpravda.kz reports.
"The center will work with both residents and non-residents of Kazakhstan, AIFC participants will have access to the capital not only of Kazakhstan, but of the whole region. To attract international participants, the unprecedented conditions have been created that have no analogues in the post-Soviet space. The legal status of the AIFC is approved by the Constitutional Law, and the official language is English. AIFC participants are granted tax privileges up to 50 years, the currency, visa and labor regimes have been simplified. This is the only center in the region, which is based on English law. The independent court, the international arbitration center guarantee justice and protection of the rights of the parties," Nazarbayev stressed.
"I have appointed nine authoritative judges from England and Wales. They are headed by Lord Wolfe, the former Supreme judge of England. 23 international arbitrators were also invited to the arbitration center, whose chairman is Barbara Domann, ex-judge and royal barrister of Qatar. The Financial Services Regulatory Committee has been established under the AIFC, headed by former Commissioner of the US Securities and Exchange Commission, Lady Barbara Judge," Nursultan Nazarbayev said.
The President also stressed that the AIFC will comply with the principles of corporate governance and protect the interests of all investors.
By Julia Mager for the Kazakhstanskaya Pravda.
