The Kazakh government is implementing the project in Almaty, the country's financial capital, to attract foreign investors and help Kazakh business enter world stock markets.
"The former president of the World Bank, James Wolfensohn, met with the Kazakh president yesterday to discuss plans for the development of the center, and Wolfensohn was offered the post of advisor for financial development of the center in Almaty," said Arken Arystanov, chairman of the center's regulatory agency.
Arystanov said Wolfensohn asked him to present a strategy for the center's development, along with the recommendations of the Boston Consulting Group, which is developing a feasibility study for the project.
"Our talks will continue in Singapore during the meeting of the International Monetary Fund and the World Bank [September 19-20], where we are planning to present the center to potential investors," Arystanov said.
The World Bank is a group of international organizations providing finance and advice, primarily to developing countries, for the purposes of reducing poverty, encouraging economic development and safeguarding international investment.
The regional financial center is supposed to operate under exceptional legal regulations. Unlike elsewhere in Kazakhstan, 100% foreign ownership of financial institutions and the repatriation of profits and capital will be allowed in the zone.
Banking and stock market transactions, the management of assets, underwriting and reinsurance, accounting and auditing will be the main activities at the center.