Shanghai Stock Exchange to become shareholder of new AIFC stock exchange
“The works on creation of the AIFC Stock Exchange are completed. Strategic partners from among global exchange leaders were defined. The Shanghai Stock Exchange will become a shareholder of the new AIFC stock exchange with a 25% stake, which opens access to China’s investment liquidity. The agreement on the introduction of the most high-tech trading platform was signed with the American NASDAQ exchange. NASDAQ is also considering entering exchange’s capital”, Zh. Kassymbek said.
The Minister said that already in the fourth quarter this year the stock exchange will be ready to conduct the first bidding, which will allow to begin the privatization and IPO of the assets of “Samruk-Kazyna” JSC.
“The AIFC will become a regional hub for the Islamic and “green” financing. The work on the environmental direction is conducted jointly with the EBRD. The question of the debut issue of sovereign state Islamic securities “sukuk” with a volume of up to 300 million dollars in 2018 is worked out. The AIFC will pay considerable attention to supporting the sustainable economic growth. Based on the unique infrastructure of EXPO-2017, the AIFC will become a platform for investing in environmentally sustainable projects, as well as launching green financing programs, in particular, issuing green bonds. Green projects are aimed at moving to a green, low-emission and climate-resilient economy, reducing greenhouse gas emissions, hydro plants, mitigating the effects of the climate change, solar installations, energy efficiency, etc.”, Zh. Kassymbek explained.
The AIFC aims to provide a favorable regulatory environment for becoming a regional Islamic hub for Central Asia and the CIS by 2020. The creation of a holistic plan for the development of the Islamic financing includes the Islamic banking products, Islamic capital market instruments (sukuk) and other Islamic financial instruments (takaful, ijara, etc.). It is planned to complete all necessary regulations and licensing documentation by September 2017. The localization of Islamic financial companies is scheduled to begin in January 2018.
We note that in the “National Plan � 100 steps” to implement five institutional reforms, the 24th step refers to the establishment of the International Arbitration Center AIFC in Astana, based on the experience in Dubai, as well as the 70th step refers to the establishment of the Astana International Financial Center (AIFC) on the basis of the infrastructure ASTANA EXPO 2017 with the granting of a special status. The consolidation of the special legal status of the financial center in the Constitution. In addition, it speaks about the formation of the center as a financial hub for the CIS countries, as well as the whole region of Western and Central Asia. Establish an independent judiciary with its own jurisdiction, which will function on the principles of the English law. The judiciary is formed from a number of foreign specialists. In the future, the financial hub of Kazakhstan should enter the 20 advanced financial centers of the world.
We remind that Astana is holding the 30th plenary session “New Energy” of the Foreign Investors Council under President of Kazakhstan Nursultan Nazarbayev. More than 300 participants are taking part in the event.
Source: Kazakhstan 2050