Kazakh government to devote $61.4 million annually to develop AIFC

ASTANA – Kazakhstan will devote approximately 20 billion tenge (US$61.4 million) annually over the next three years to develop the Astana International Financial Centre (AIFC) and the centre hopes to attract up to $40 billion in investments within the next 10 years, AIFC Governor Kairat Kelimbetov said recently.

tengrinews.kz

Kairat Kelimbetov. Photo credit: tengrinews.kz

He also said the AIFC plans to pay off investments in three to five years.

“As well as the world’s leading financial centres created recently in such cities as Dubai and Abu Dhabi, we plan to not depend on budget financing in three to five years, but to use the opportunities of private investments,” Kelimbetov said.

Kelimbetov added that the AIFC isn’t going to create crypto currency, because that is the prerogative of the National Bank. He also said many world leaders and financiers believe the crypto currency market is speculative and a big risk for investors.

“Investors can be divided into two types: professional, who invest a lot of money and are ready for their loss, and unskilled – those who believe that if they lose money, this is a state problem,” Kelimbetov said.

He also noted that it is very important to understand what a crypto currency is and who should work with it.

“It is very important to highlight that investments will not always grow. One day the bubble will burst, and a collapse will occur, but no one knows when this happens and the National Bank always stresses this when it comes to crypto currency, which is dangerous when the population is doing it because this is the risk for professional investors,” he said.