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Kazakhstan’s national welfare fund to transfer its assets to more competitive env't

Business Materials 7 July 2020 15:37
Kazakhstan’s national welfare fund to transfer its assets to more competitive env't

BAKU, Azerbaijan, Jul. 7

By Nargiz Sadikhova - Trend:

Kazakhstan’s Samruk-Kazyna National Welfare Fund and Astana International Financial Center (AIFC) agreed on cooperation to transfer the Fund’s assets to the competitive environment, Trend reports with reference to the AIFC.

The parties signed the corresponding Memorandum of Understanding, according to which joint activities within transferring the Fund’s assets to the competitive environment will be carried out including particular listing the Fund’s shares on the Astana International Exchange (AIX).

The sides also agreed to actively use the jurisdiction of the AIFC by including the stipulations of the AIFC Court and the International Arbitration Center as the institutions for the resolution of disputes in the agreements concluded by group companies of the Fund.

“The Fund and AIFC intend to jointly use the capabilities of the Expat Centre and the AIFC Bureau for Continuing Professional Development. There are also plans to develop training programs for employees of the Fund’s group of companies in general English law at the AIFC Law Academy,” the report said.

The Memorandum also oversees active cooperation in the field of financial technologies, Big Data, the development of fintech innovations in the AIFC regulatory sandbox.

AIFC aims to assist in attracting investment in the country's economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.

Samruk-Kazyna JSC Group includes enterprises operating in a number of industries – oil, transport and logistics, chemical and nuclear, mining and smelting, energy, mechanical engineering and real estate.

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