AIFC: Financial hub

Astana is becoming a major financial hub. Soon the official opening of the Astana International Financial Center (AIFC) will take place on July 5. The AIFC acts as a modern high-tech infrastructure with favorable jurisdiction providing all the necessary conditions for attracting both direct and portfolio foreign investments. According to the governor of the financial center Kairat Kelimbetov, the AIFC intends to create the infrastructure for trade in crypto currency. A law is being developed for traders to conduct similar financial transactions. Until the end of the year, a system for attracting investments to develop block chain will be presented. As the administration assured, the center in Astana is ready to conduct trade operations with both Kazakh and foreign brokerage companies.

MADIYAR KENZEBULAT, ECONOMIST:

 - The over-the-counter market includes cases when an operation may not be realized because of some malicious or other actions of counterparty, a seller or a buyer. The stock exchange guarantees execution of transactions. All transactions that take place in the stock exchange are guaranteed.

The financial court under the AIFC guarantees reliability. Its activities are based on the principles and norms of the English law. In addition, the international financial center will become the main platform where assets of the leading Kazakh companies will be up for sale.

KAIRAT KELIMBETOV, GOVERNOR, ASTANA INTERNATIONAL FINANCIAL CENTER:

 - The results that we set are the launch of the stock exchange, which is connected with two very important issues. This includes the beginning of privatization of the national companies of the Samruk Kazyna Fund and also a program on development of domestic debt. It includes the program of issuing sovereign bonds, bonds of the Ministry of Finance in national currency as well as the first sovereign Islamic bonds.

Today, eight domestic and Chinese brokerage companies undergo the accreditation procedure. Moreover, testing of trade operations on a high-tech exchange platform is being conducted.