Capital Markets - The Times Of Central Asia

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AIFC TCA Interviews

AIFC Interview: Central Asia Investment, Middle Corridor and ESG

The Astana International Financial Centre (AIFC) positions itself as a platform for international investment in Kazakhstan and across Central Asia. In an interview with The Times of Central Asia, Zhanbolat Kakishev, Chief Product Officer at the AIFC Authority, discussed competition for investment, financing for the Middle Corridor, investor protection, ESG, and currency risks. Kakishev said the AIFC ecosystem has attracted $26.3 billion in investment to Kazakhstan and registered more than 6,000 companies from 90 countries. TCA: How does the AIFC assess the current investment climate in Central Asia amid the fragmentation of global markets, and what share of foreign direct investment into the region does the centre aim to attract in the coming years? Zhanbolat Kakishev: We assess Central Asia’s investment climate as resilient and gradually strengthening despite the fragmentation of global markets. Moreover, the restructuring of global supply chains and investors’ search for new sources of growth are creating additional opportunities for the region. International investor interest in Central Asia already rests on a solid foundation. According to UNCTAD, by the end of 2025, the stock of foreign direct investment in the region had reached approximately $235.5 billion, of which $156.4 billion was in Kazakhstan. The region combines a substantial resource base, a growing domestic market, and a strategic position between Europe and Asia. It also has significant investment potential in areas including transport and logistics, energy, critical minerals, digitalisation, and financial services. The AIFC does not set a target in the form of a fixed share of total FDI flowing into Central Asia. Our task today is to continue improving the AIFC ecosystem, its infrastructure, and the conditions that allow international capital to enter Kazakhstan effectively, as well as to participate in regional projects. To date, $26.3 billion in investment has been attracted to Kazakhstan through the AIFC ecosystem. More than 6,000 companies from 90 countries are registered in the Centre’s jurisdiction. For us, however, it is not only the volume of capital attracted that matters, but also its quality — long-term investment that contributes to economic diversification, private-sector development, and the further integration of Kazakhstan and Central Asia into global capital markets. TCA: Given the growing interest in the Middle Corridor, or Trans-Caspian International Transport Route, what investment instruments does the AIFC offer to finance major infrastructure and logistics projects in the region? Zhanbolat Kakishev: The AIFC provides comprehensive legal and financial infrastructure for structuring and attracting financing for major infrastructure and logistics projects, including those along the Middle Corridor. Depending on the structure of a project, special-purpose vehicles or companies (SPVs/SPCs), joint ventures, and investment funds can be used to pool capital from strategic, institutional, and private investors. Through the Astana International Exchange (AIX), projects can also raise debt and equity financing, including through conventional, green, and sustainability bonds, as well as Islamic finance instruments such as sukuk. For large infrastructure projects, the ability to combine different sources of capital is particularly important. These can include financing from international financial institutions and banks, funds from strategic...

Astana Finance Days 2026

Astana Finance Days 2026 to Draw Global Investors to Kazakhstan

Astana will host the ninth Astana Finance Days on September 9–10. This year, organizers expect more than 5,500 participants from over 80 countries, and the geography of the guests reflects the markets Kazakhstan has increasingly looked to for capital: the United States and Europe, China and Hong Kong, the Gulf states, and its Central Asian neighbors. The announced speakers include representatives of BlackRock, Goldman Sachs, Brookfield, FTSE Russell, Bloomberg, Hong Kong Exchanges and Clearing, the Shanghai Stock Exchange, and China International Capital Corporation. Representatives of Binance, Mastercard, and Telegram/TON are also expected. Kazakhstan will be represented by National Bank Governor Timur Suleimenov, Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev, Freedom Holding Corp. CEO Timur Turlov, and others. This year’s agenda reflects the region’s continuing search for new sources of financing: capital markets, investment products, financing for the real economy, regulation, financial technology, and cross-border investment. The forum will be held under the theme “Delivering Impact. Capital in Action.” Astana Finance Days was launched in 2018 alongside the establishment of the Astana International Financial Centre (AIFC). The first forum was closely linked to the creation of Kazakhstan’s new financial hub, but the range of participants has expanded considerably over the past eight years. Last year, AFD attracted more than 5,500 participants from 82 countries. They included representatives of investment firms managing approximately $1.5 trillion in combined assets. Over two days, the forum hosted 40 events featuring 160 speakers, while the Astana International Exchange announced four listings and seven agreements were signed. China and Hong Kong stand out in the 2026 guest list. Representatives of the Hong Kong Investment Corporation, the Hong Kong and Shanghai Stock Exchange, and CICC are expected in Astana. BlackRock, Goldman Sachs, and Brookfield are also represented. Kazakhstan has increasingly sought investment from the West, China, and the Middle East, so the range of institutions represented may be more significant than the overall attendance figure. There is another reason AFD goes beyond a conventional financial conference. The AIFC was established as a separate jurisdiction with its own court, regulator, and legal framework based on the principles of English common law. Kazakhstan designed it to make it easier for foreign businesses to enter the local market and raise capital. Thousands of companies from dozens of countries are now registered with the AIFC, and Astana Finance Days has effectively become an annual meeting point between businesses operating within this system and potential investors and new partners. Investment will not be the only subject under discussion in September. The program includes digital asset regulation, new financial technologies, capital markets, and corporate financing. A separate AFD Exhibition will bring together banks, asset managers, investment firms, and fintech projects. The Times of Central Asia is a media partner of Astana Finance Days 2026. Special coverage coming soon.

Tashkent International Investment Forum

Uzbekistan Moves Toward Investment Destination Status at Tashkent International Investment Forum

Uzbekistan’s capital markets are moving from promise to execution, and the National Investment Fund of the Republic of Uzbekistan (UzNIF) has become the clearest deal to show that shift. At the 5th Tashkent International Investment Forum, global investors, bankers, development finance institutions, and export credit agencies gathered gathered around one recurring message: Uzbekistan is no longer trying to convince the world that it is open for business. The challenge now is ensuring that investment momentum becomes sustainable and led by the private sector. During a panel discussion on political risk and blended finance, government officials and international investors debated how frontier markets can attract larger volumes of private capital while reducing reliance on public financing and multilateral support mechanisms. While the discussion focused on frontier markets, Uzbekistan was at the center of nearly every exchange. Jasur Karshibaev, advisor to the Minister of Economy and Finance of Uzbekistan, opened the session by outlining the government’s long-term ambitions. According to Karshibaev, Uzbekistan aims to double the size of its economy and reach upper-middle-income status by 2030. He argued that recent economic indicators suggest the country is moving in that direction despite a difficult global environment. [caption id="attachment_50612" align="aligncenter" width="1024"] Image: TCA[/caption] “The reforms under the leadership of the President of Uzbekistan are already bearing results,” he said, pointing to strong first-quarter economic growth and declining inflation. Karshibaev highlighted recent developments in the country’s sovereign credit profile. In June, Fitch Ratings affirmed Uzbekistan’s sovereign rating at BB and revised the outlook to positive. Yet despite this progress, he stressed that the government’s focus is shifting from public investment toward private capital mobilization. “We cannot base our success on fiscal intervention,” Karshibaev said. “It should be private-sector-led growth.” For Uzbekistan, attracting private investment is becoming more important as the economy expands faster than domestic savings can support. The country continues to seek foreign capital, but officials are increasingly focused on reducing the cost of accessing it. Karshibaev argued that one of the main challenges lies in the gap between perceptions of risk and economic realities. He noted that sovereign bond spreads have narrowed significantly and are approaching levels typically associated with investment-grade economies. However, some institutional risk assessments and country-risk classifications continue to reflect older perceptions. “International investors who vote with their cash are expecting a very positive credit trajectory,” he said. According to Karshibaev, risk assessments need to reflect economic fundamentals more accurately because inflated risk perceptions can raise financing costs and make blended finance instruments less competitive than commercial funding alternatives. He said the government is working closely with international financial institutions, including the Asian Development Bank and the World Bank, while pursuing reforms aimed at achieving investment-grade status before the end of the decade. [caption id="attachment_50614" align="aligncenter" width="1774"] Image: TCA[/caption] Investors also examined how frontier markets are evaluated in practice. Francis Malige, managing director and head of the Financial Institutions Business Group at the European Bank for Reconstruction and Development, argued that one of the biggest misconceptions about frontier markets stems...

Tashkent International Investment Forum

Mirziyoyev Says Uzbekistan’s Doors Will “Always Remain Open” as Fifth Tashkent Investment Forum Begins

TASHKENT, June 17 — President Shavkat Mirziyoyev opened the Fifth Tashkent International Investment Forum (TIIF) on Wednesday with a message aimed squarely at the nearly 4,000 mostly foreign delegates packed into the hall: Uzbekistan's doors are open, and the country intends to keep them that way. Speaking under this year's theme, "Investment Resilience: New Frontiers, New Partnerships," Mirziyoyev framed the forum as more than a transactional venue for capital, but as a platform to initiate and deepen long-term mutually beneficial partnerships. He described what he called the "Tashkent investment spirit" — a phrase he used to capture the event's evolution into what he called a symbol of shared success between Uzbekistan and the partners willing to back it. The sentiment ran through his closing remarks, where he told the room that “the most important partner in turning ambitious plans into reality is an investor who arrives with good intentions. Therefore, the doors of New Uzbekistan will always remain open to foreign investors who come to our country with trust and ideas.” The guest list underscored the forum's growing diplomatic prowess. Mirziyoyev personally thanked Albanian President Bajram Begaj, Russian Prime Minister Mikhail Mishustin, Belarusian Prime Minister Aleksandr Turchin, Azerbaijani Prime Minister Ali Asadov, Kazakh Prime Minister Olzhas Bektenov, Kyrgyz Cabinet Chairman Adylbek Kasymaliev, and Tajik Prime Minister Kokhir Rasulzoda, alongside senior representatives from the EBRD, the New Development Bank, the World Bank, the IFC, the Asian Development Bank, the Asian Infrastructure Investment Bank, and the European Investment Bank. Mirziyoyev cited a series of economic indicators to support the message. Uzbekistan has secured more than $150 billion in foreign investment since launching reforms, with $123 billion arriving in the last five years. In 2025, GDP expanded by 7.7%, foreign investment climbed to $43 billion, and reserves rose above $70 billion. According to Mirziyoyev, the economy is on track to exceed $180 billion this year, comfortably outpacing the $100 billion goal announced at the first forum four years ago — a sign, he said, of sustained momentum, underscored by a 14-position improvement in the Index of Economic Freedom. The pledges come as Uzbekistan seeks to deepen the economic opening launched under Mirziyoyev, with officials using the forum to market legal guarantees, capital-market reforms and new infrastructure projects to foreign investors. Mirziyoyev structured the rest of his address around six priorities. The first centers on legal guarantees for investors, anchored by the new Tashkent International Financial Center — a zero-tax-rate zone for corporate income, VAT, property, and customs duties, governed by English common law and backed by an independent commercial court staffed with foreign judges. The second targets capital markets, building on $16 billion in international bond placements and the recent National Investment Fund listing, which he called the London Stock Exchange's largest IPO in five years, with sovereign “sukuk issuance” planned next. The third priority is industrial value addition. Here, Mirziyoyev pointed to Uzbekistan's $3 trillion in estimated subsoil wealth and announced that foreign investment will be extensively channeled into the "Metals of...

China

Kazakhstan Turns to China and Hong Kong for Deals, Yuan Debt, and Market Access

Kazakhstan has opened a new phase in its economic ties with China, with a large package of Hong Kong and mainland Chinese agreements arriving alongside Kazakhstan’s first sovereign borrowing in China’s domestic bond market. The two steps show Astana is moving beyond trade growth into finance, listings, yuan debt, and China-linked capital for infrastructure and industry. On June 2, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin met a delegation of about 70 business representatives from Hong Kong and mainland China. Kazakhstan’s government said the group included 40 Hong Kong companies and 30 mainland Chinese companies working in finance, logistics, technology, energy, industry, and professional services. The visit produced four intergovernmental memoranda and 42 commercial agreements. Together, they covered aviation, finance, trade, innovation, technology, the digital economy, and green development. Hong Kong’s government gave a separate count, saying its business delegation had so far concluded 43 memoranda and agreements in Kazakhstan. The same statement said Hong Kong and Kazakhstan would move ahead with exploratory talks on a comprehensive double-taxation agreement and an investment promotion and protection agreement. A Hong Kong airline plans to launch direct flights to Almaty in the first quarter of 2027, which would add a practical link to the new finance and trade agenda. Officials discussed bond issuance, yuan funding, listings by Kazakh companies in Hong Kong, joint investment funds, and large investment projects. Baiterek National Managing Holding signed cooperation documents with Bank of China (Hong Kong), Invest Hong Kong, and Standard Chartered Hong Kong. Hong Kong Exchanges and Clearing Limited, which operates the Hong Kong Stock Exchange, also signed two memoranda in Kazakhstan, including one with the Astana International Exchange. The two exchanges plan to work on cross-border listings of shares and debt securities. The agreements came days after Kazakhstan completed its debut sovereign panda bond, a renminbi-denominated instrument sold in mainland China by a foreign issuer. The Finance Ministry raised 3.4 billion yuan (about $500 million) through three-year sovereign bonds. The bonds carried a 1.9% yield, and demand exceeded supply by two times. The issue was listed on the Beijing Financial Assets Exchange and the Astana International Exchange. The sovereign issue followed earlier yuan deals by state-linked Kazakh issuers. Development Bank of Kazakhstan placed 2 billion yuan in three-year yuan-denominated Eurobonds in September 2025, the first such issue in Central Asia. KazMunayGas raised 1.25 billion yuan in October through a five-year offshore yuan-denominated bond. Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, closed the order book for 3 billion yuan in debut panda bonds in April 2026. Together with the sovereign bond, those issues total 9.65 billion yuan. The figures cover more than central-government borrowing. The National Bank of Kazakhstan defines external debt as liabilities of residents to non-residents. It includes debt obligations of both the public and private sectors. A country breakdown drawn from National Bank data shows Kazakhstan’s external debt to Chinese creditors rose to $12.87 billion at the start of 2026, up from $9.29 billion at the end of 2024. The new panda...

Capital Markets

Uzbekistan Unveils New Capital Market Reforms to Attract $1 Billion in Investment

Uzbekistan has approved a presidential decree aimed at enhancing the investment climate in the country’s capital markets. According to the Ministry of Justice, the reform package is designed to attract $1 billion in new investments by 2030 through the introduction of modern financial instruments. As part of this strategy, authorities plan to issue corporate bonds worth five trillion Uzbekistani som (approximately $415 million) to expand funding opportunities for local businesses. The ministry noted that the decree also focuses on improving investor protection by introducing mechanisms expected to eliminate over 85 percent of current violations in the capital market. A key component of the reform is the indefinite extension of the “Regulatory Sandbox”, a special legal regime that allows financial institutions to test innovative products under simplified regulatory conditions. Within the sandbox framework, Uzbek legal entities can apply for participant status, while foreign organizations and local investment funds may offer financial services related to the safe custody and accounting of securities they issue or hold. The decree also permits issuers, in specific cases outlined by law, to release unsecured corporate bonds exceeding the size of their own capital, broadening fundraising options for businesses. Separately, Uzbekistan has taken a major step toward digital finance. As previously reported, the Wallet service on the Telegram messaging platform officially launched in Uzbekistan on December 9, giving over 27 million local users access to cryptocurrency transactions. The service supports major digital assets such as Bitcoin, Toncoin, and USDT, enabling users to buy, store, and transfer crypto using local payment systems. The launch reflects Uzbekistan’s broader ambition to position itself as a regional hub for regulated digital financial services.