National Plan - 100 concrete steps

AIFC to become a link in world economy – R.Oshakbayev

The International Financial Center "Astana", based on English law, gives Kazakhstan a chance to become an important link in the world economy. This was said by Director of the Public Foundation "Center for Applied Research Talap" Rakhim Oshakbayev in an exclusive interview to the correspondent of IA "".
Astana city27 September , 16:36

"The International Financial Center “Astana”, based on English law, gives Kazakhstan a chance to become an important link in the global economy. Having become a big push in the development of Central Asian region, this center will be able to translate all long-term projects of our country with foreign financial centers into reality", R. Oshakbayev.

As he noted, according to the plan of joint actions of the Government of the Republic of Kazakhstan and the National Bank of Kazakhstan for the creation and development of the AIFC, the direct effect from sales will amount to up to 1% of the increase in the non-hydrocarbon external gross product annually until 2025. The result is close to the result of Dubai for the first 10 years of the creation of the International Financial Center Dubai, or about $ 13.4 billion of cumulative absolute GDP growth for the period from 2015 to 2025.

"Taking into account the fact that the third quarter of 2017 is now underway, and the AIFC will start functioning fully in 2018. GDP growth should reach 1.7 billion dollars annually until 2025. The total cumulative effect of the creation of the Center, taking into account direct and indirect influence on GDP, as well as regional expansion of the Center, may amount to about 40 billion dollars for the period from 2015 to 2025. Of these, 12.1 billion dollars will be the direct contribution of AIFC to Kazakhstan's GDP. Approximately 8 billion dollars as a contribution to GDP is expected from servicing customers in Central Asia, the Caucasus, the EEA, the Middle East and Europe", the Director said.

According to him, the Government of Kazakhstan, the Mayor’s Office of Astana and the National Bank of Kazakhstan are successful in implementing the Action Plan for the development of the AIFC. These public authorities should be fully involved in the implementation of the Action Plan and provide full support to its development. However, the leadership of the AIFC is not mentioned as responsible

"The International Financial Center "Astana" cooperates with the EBRD in assisting in the development of the concept of a "green" financial system. The "green" financial system of Kazakhstan will support investments in the "green" economy of Kazakhstan, which gives a wide range of introduction of the financial sector of Kazakhstan in the development of the "green" economy. It takes time for a thorough analysis and forecast of the prospective income of the International Economic Center", the expert said.

At the end R. Oshakbayev noted that the AIFC will become a regional hub for Islamic and "green" finance. Work on the environmental direction is conducted jointly with the EBRD. The matter of the debut issue in 2018 of sovereign state Islamic securities "sukuk" with a volume of up to 300 million dollars is under consideration.


Kairat Zhandybayev