Kazakhstan recently opened its doors to the new Astana International Financial Centre (the AIFC). The AIFC specifically aims towards the financial and professional services growth. The AIFC is a full speciality Kazak Free Zone, comprising of the institutions and the ever-growing commercial companies as well as the international firms. This will cover all the banking and finance aspects inclusive of the capital markets, private banking, asset management and Islamic finance. The official language of AIFC is English. This initiative is towards the aim of attracting international investments.
The AIFC is focusing on the regions of Central Asia, the Eurasian Economic Union and Mongolia. The AIFC is a part of the country's participation in the 'One Belt, One Road' development and investment strategy. With its legal framework determined by the Constitution of the Republic of Kazakhstan, it makes applications towards the commercial and civil law and extends beyond the territories of the AIFC till Nur-Sultan. The AIFC has promulgated several regulations governing the companies incorporation, NPOs, banking and securities law, etc. It also covers contracts, insolvency, damages, remedies, etc.
AIFC is optimistically projected for the growth of the financial sector in Kazakhstan, which is predicted for attracting investments worth USD 40 billion by the end of 2025. It is set to play a significant role in the country's aim to become one of the top developed economies by 2050. These initiatives have been laid for strengthening the commercial ties between Central Asia and the GCC as well as Kazakhstan and the UAE.
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