Kazakhstan’s central bank is leaning on the Dubai International Financial Centre (DIFC) Courts to advise on the establishment of a world-class commercial court system in the country, including an arbitration center.
The DIFC signed a consultancy agreement with the National Bank of Kazakhstan in Astana at a ceremony attended by representatives from both organizations. The planned Astana International Financial Centre (AIFC) will use a model based on the acclaimed English-language commercial common law judicial system established in Dubai.
Earlier this year, Kazakhstan announced its intention to establish an international financial center in the capital city of Astana.
The consulting agreement will see the DIFC Courts partner with their Kazakh counterparts over the next three years as they work to establish specialist commercial courts. Such courts are increasingly essential for global financial centers to be able to compete internationally. The agreement covers areas as diverse as consultancy on the legislative and regulatory framework, staff training, and information technology systems.
DIFC Courts Chief Justice Michael Hwang signed the agreement with Deputy Governor of the National Bank of Kazakhstan Nurlan Kussainov.
“It is our intention to create a world class financial center in the heart of Eurasia by working with the best international partners,” Kussainov said. “Following a series of visits to the UAE, we have seen firsthand how important the DIFC Courts have been to the free zone’s success and we look forward to benefiting from their expertise as we move forward with the creation of the AIFC.”
