Finance • 05 January, 2018

Astana International Financial Center is ready for the first transaction

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Starting from January 2018, one of the new financial infrastructure in Kazakhstan, a future business hub for the Central Asian countries Astana International Financial Center (AIFC) stock exchange starts working.

On May 22, 2015, The Kazakh President Nursultan Nazarbayev signed a decree on the establishment of the Astana International Financial Centre. It is a huge project within the framework 100 Concrete Steps to Implement the Five Institutional Reforms offered by Kazakhstan’s President. The purpose of the AIFC is to become one of the leading financial center in the world, launched in the territory of Central Asia.

The AIFC is the first stock exchange in Post-Soviet Union countries, based on the principles of English law with a preferential tax regime and an independent financial court. In addition, an official language of the financial center is the English language. One of the main principals of the center becomes a financial center, which makes close relations between the states, the private sector and the global investment community to develop Kazakhstan’s economy. In addition, the center allows expanding a local capital market by the public offering of shares of national companies.

Also, ‘AIFC would help to invite foreign investors to Central Asia’, said Stephen Glynn, Chief executive officer of the Astana Financial Services Authority, in the investment forum in Astana.

‘The Astana International Financial Center will be largely modelled on Dubai International Financial Center, so it is a very good model, which is tested, and I believe it works well. I expect that it will work even better here because of the great potential and growth opportunities in Astana and in Kazakhstan and the broader region. The large populations, 17 million people in Kazakhstan and the region, we have 140 million in Russia and the Chinese to the east 1.2 billion, and we have Uzbekistan with 33 million people to the south, so the populations are to support a new financial center’, he commented.

The AIFC located on the territory of the EXPO 2017, Astana, where the stock exchange uses modern infrastructure and advanced technologies. Now, Astana International Financial Center is ready to make for the first transaction. However, the official opening of the stock exchange is planned for July 2018.



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