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AIFC, green tech centre and IT start-up hub to begin operating in 2018

19 Nov 2017 9:43 AM | Anonymous

The Astana International Financial Centre (AIFC), international center for green technologies and international IT start-up hub are expected to begin operating on former EXPO 2017 premises in 2018. The news was announced during the EXPO 2017 legacy presentation to the diplomatic corps Nov. 15 at the Kazakh Foreign Ministry.

“The President of the Republic of Kazakhstan, Nursultan Nazarbayev, pays special attention to this issue. It is not by chance that the head of state’s speech at the closing ceremony of expo included him highlighting the plans for the launch of the Astana International Financial Centre, the international center for green technologies and the international IT start-up hub,” said Kazakh Foreign Minister Kairat Abdrakhmanov to open the event.

He noted considerable potential exists for developing cooperation with foreign governmental and corporate partners.

AIFC, the first big project, was created at the President’s initiative and will operate according to the principles of English common law with a preferential tax regime, independent financial court, arbitration and regulator. It is intended to become a financial hub for Central Asia, the Eurasian Economic Union (EAEU), the Caucasus, Western China, Mongolia and Eastern Europe. The center will develop the key areas of capital market, welfare management, private banking, Islamic finance and financial technologies. “The AIFC international presentation will take place July 5 next year, but we will start operating Jan. 1,” said AIFC Governor Kairat Kelimbetov.

The center will consist of several components including the Astana International Exchange (AIX), which is being created with foreign partners including NASDAQ and the Shanghai Stock Exchange (SSE), the number three and four stock exchanges, respectively, in the world. SSE signed a shareholder agreement with the AIFC authority providing it with a 25-percent stake in AIX and opening access to China’s investment liquidity. A technological agreement has also been inked with NASDAQ, providing AIFC with the services of the most popular global trading platform.

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