Government • 02 July, 2018

Until end of 2020, more than 500 companies to be registered in AIFC — Kairat Kelimbetov

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AIFC Governor Kairat Kelimbetov spoke at the press conference in the press center of the Government on the upcoming official opening of the Astana International Financial Center on the eve of the celebration of the twentieth anniversary of the capital, the results of the work for three years as part of the implementation of the Nation’s Plan "100 Concrete Steps," and the launch of the Exchange.

"For 20 years Astana has become the largest political, diplomatic, cultural center. In order to develop the city further, there are many plans for building the city. Three years ago, the Head of State announced the need to establish an International Financial Center. In 2015, this idea was first announced, by the end of 2015, the law on the establishment of the AIFC was approved by the Parliament. In March 2017, the relevant amendments were made to the Constitution," said Kelimbetov.

Changes, according to Kelimbetov, allow creating a special legal regulatory regime in the financial sector that corresponds to the best world practices in the field of corporate governance and financial regulation.

The AIFC aims to form the leading center of financial services of the international level. For the first time in the post-Soviet space, the principles of English law will be introduced. The official language of the financial center will be English. The center’s tasks are to provide assistance in bringing investments into the country's economy by creating an investment-attractive environment for financial services, developing the securities market of Kazakhstan, ensuring its integration with international capital markets. AIFC also intends to develop the market of insurance, banking services and the market of Islamic finance.

"Steps 24, 70, 71, 72 and 73 of the Nation’s Plan fall directly to into the scope of responsibility of the AIFC. From the very beginning, we perceived them, on the one hand, as a guide, on the other hand, as a very concrete action plan. We clearly saw the ultimate goal of our work in each direction, and this greatly simplified the planning and movement between control points. Today I can say with certainty that all five points, five major instructions of the Head of State have been fulfilled. All bodies of the AIFC are in routine operations mode," Kelimbetov noted.

According to Kairat Kelimbetov, in 2017 a special agency, the Financial Services Regulatory Authority, was created inside the AIFC. It is an independent agency that provides regulation, as well as the registration of all participants of the AIFC. To date, 55 companies have been registered. By the end of 2020, the IFC plans to increase their number to 500.

"Another area of the AIFC is privatization. Here the Head of State instructed the Government and Samruk-Kazyna Fund on the Exchange's platform to provide the initial placement of five national companies, including Air Astana, Kazakhtelecom, and Kazatomprom," Governor Kelimbetov said.

It should be noted that the Exchange of the AIFC was registered in 2017.

"The exchange is ready for work. We are expecting the start of privatization. Preliminarily we plan that the first company will be released in September-October this year," Kelimbetov specified.

According to the governor, the AIFC is different from many financial centers in the post-Soviet space in that it has an International Financial Court and an International Arbitration Court that work on the standards and principles of international law.

"By the time of the presentation, almost all the preparatory work has been completed. We have amended the Constitution, prepared 47 internal acts on AIFC, which reproduce the best legal and regulatory framework in accordance with the recommendations and experience of all international centers. We are ready and starting from January 1, such institutions as the financial regulator, the court of the AIFC, the international arbitration center, the exchange are ready for privatization," Kelimbetov said.

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