On August 2, the Astana International Financial Centre (AIFC) and the Ministry of Economy and Finance of the Republic of Congo (MEF) signed a memorandum of understanding. This document opens new avenues for collaboration on economic issues, financial services development and knowledge exchange. The signatories were Renat Bekturov, Governor of the Astana International Financial Centre, and Jean-Baptiste Ondaye, Minister of economy and finance of the Republic of Congo.
The memorandum highlights that the AIFC, as a leading financial hub in the Central Asia and Eastern Europe region, will explore opportunities to provide technical assistance to the MEF for the establishment of an international financial centre in Brazzaville, the capital of Congo. This initiative aims to diversify the economy of the African nation by developing new types of economic activities in the private sector.
The memorandum also outlines goals for collaboration in sustainable financing and carbon market development, the creation of a sovereign fund to finance projects in the oil, mining and forestry industries, and more.
To achieve these goals, the parties will identify and develop joint projects in economic and financial sectors, exchange expertise and knowledge in economics and finance, participate in sustainable financing and engage in joint working platforms for specialists. Additionally, the AIFC and MEF may establish a joint working group comprising experts from both sides to review progress in achieving the memorandum’s objectives.
Renat Bekturov, Governor of the Astana International Financial Centre, stated: “It is gratifying that the AIFC’s experience serves as a foundation for the creation of financial centres by other nations. The AIFC is ready to share all necessary expertise to support the development of the financial sector in the Republic of Congo. I am confident that the signed memorandum will facilitate the establishment of contacts and the exchange of experiences in developing financial services between the financial sectors of Central Asia and Africa.”
Notably, in September 2023, a memorandum of understanding was signed between the AIFC and the Kigali International Financial Centre from Rwanda. This document laid the foundation for cooperation between the two financial centres in financial services, asset management, sustainable financing, insurance and technology. Following the signing of the agreement, a delegation from the Kigali International Financial Centre, supported by the Astana Financial Services Authority (AFSA), studied the regulation and activities of the AIFC for a week.
