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Regional Financial Center of Almaty taking shape

Currently, Kazakhstan is in the process of creating the Regional Financial Center of Almaty (RFCA), a special zone with a separate legal structure designed to streamline processes and provide economic incentives for financial companies and issuers with offices in Almaty. Included in the RFCA will be broker-dealers, issuers, investors and market makers.

The plan is expected to help financial companies operating in Almaty, which is already home to central offices of the largest commercial banks, the national bank, the stock exchange, and other financial institutions of Kazakhstan.

Among the economic incentives proposed to create favorable conditions for issuers at the new exchange are:

  • partial recovery of audit expenses depending on the issue volume
  • listing discount right down to a zero level of the listing cost during the first year of RFCA operation
  • exemption from RFCA registration fee

RFCA participants will maintain documents and contracts in English, along with decisions of the supporting government agency. The new legal regime will have its own specialized court.

Investments totaling more than $3 billion will go towards construction of an office complex for the RFCA. The complex will include 30 buildings stretched along the prestigious al Farabi Avenue with floor space of over a million square meters.

The groundbreaking ceremony occurred this past summer, setting the stage for construction that will be completed in three stages in 2007, 2008, and 2009. The initial stage will include 4 office buildings with floor space of about 160,000 square meters.

The RFCA is intended and expected to draw investors from Kazakhstan pension funds, mutual funds, insurance companies, Kazakhstan banks and companies, Russian and other regional banks, medium to large domestic and international individual investors.

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