AIFC meaning in Business ?

Answer: What is Astana International Financial Centre mean?

The Astana International Financial Centre (AIFC) is a financial hub in Nur-Sultan (formerly Astana), Kazakhstan that officially launched on July 5, 2018.

On 20 May 2015, the President of Republic of Kazakhstan Nursultan Nazarbayev announced the “100 Concrete Steps” Plan of the Nation to implement the five institutional reforms, designed to provide a strong national platform needed to achieve country's ambition of joining the top 30 developed countries by 2050. As part of the Plan of the Nation, the AIFC was established with a special legal status to be based on the EXPO-2017 International Specialized Exhibition infrastructure.

The Constitutional Law "On the Astana International Financial Centre" approved on 7 December 2015 provides a legal framework for the functioning of the AIFC as well as a favourable environment for its participants.

The Astana International Financial Centre plays one of the main roles in attracting financial resources. It is positioned as a financial hub for the countries of Central Asia, the Caucasus, Eurasian Economic Union (EAEU), Middle East, Western China, Mongolia and Europe.

As of 2019, the number of enterprises working with the AIFC increased to 235 companies from 26 countries. These companies include financial institutions such as the China Construction Bank, China Development Bank and CICC (Hong Kong) and Wood & Co (Czech Republic), the largest investment banks. According to the AIFC Chairman, by the end of 2020, the number is projected to increase to 500.

The number of companies working with the AIFC reached 500 in June 2020. The companies are from 35 countries. In the first half of 2020, the AIFC registered 122 new companies. Remarkably, 70 of them were registered during the lockdown caused by COVID-19 pandemic.

reference

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