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IBC and AIFC sign a Memorandum of Cooperation

October 16, 2021

A Memorandum of Understanding and Cooperation between the Administration of the Astana International Financial Centre and the International Business Council was signed on October 14 in Astana during the visit of the Kyrgyz business delegation to the AIFC.

According to the document, the parties will work out opportunities for holding joint events and projects, exchanging information and documents and other types of interaction.

The Memorandum was signed by the AIFC Administration Managing Director Nurlan Toimbek and IBC Executive Director Askar Sydykov.

AIFC Authority is the body responsible for developing the Astana International Financial Centre's development strategy, promoting the AIFC in global markets and attracting potential participants

The visit of the business delegation from Kyrgyzstan was a continuation of the recent visit of the AIFC representatives to Bishkek to get acquainted with the financial market and study the needs for financial and investment products and services, as well as present the AIFC benefits. In March 2021, President of the Kyrgyz Republic Sadyr Japarov paid a state visit to Kazakhstan, as part of which an agreement was reached to strengthen cooperation with the AIFC in the implementation of investment and financial initiatives of the Kyrgyz Republic.

The Kyrgyz delegation was briefed on the work of the AIFC Court and the International Arbitration Centre, the Astana Financial Services Authority (AFSA), the Hub for Islamic Finance and Business, the AIFC Green Finance Centre, the Expat Centre, the Astana International Exchange (AIX), the Bureau for Continuing Professional Development (BCPD Ltd.) and the AIFC Tech Hub.

“After getting acquainted with the AIFC’s work, we have many plans for mutual cooperation in various fields. The successes of the Center and the results of its work are impressive,” said the IBC head.

Currently, the total volume of investments through the AIFC site is about $5 billion. More than 700 court, arbitration, and mediation cases have been resolved across the AIFC Court and the International Arbitration Centre. 1,049 companies from 57 countries are registered in the AIFC.

“Having signed the memorandum, we hope for fruitful cooperation, exchange of experience and the introduction of competencies, tools and the AIFC mechanisms for interaction not only in our country, but throughout the entire Central Asian region. There are a lot of areas for joint activities including attracting investments, supporting startups, developing ecosystems, human potential and much more,” concluded Askar Sydykov.


The Astana International Financial Centre was established at the initiative of the First President of Kazakhstan Nursultan Nazarbayev as part of the National Plan "100 steps to implement five institutional reforms". According to the AIFC Development Strategy until 2025, the AIFC vision is to become a leading international financial center in the region, including Central Asia, the Caucasus, the EAEU countries, Western China, Mongolia, and Eastern Europe. The AIFC mission is to promote the sustainable long-term development of the region.