CARF

Central Asia Resource Financing

Bridging global capital with Central Asia’s critical minerals

We structure, advise on and facilitate transactions between asset owners, capital providers and end-buyers, from an AIFC-registered base in Astana.

Partner with CARF How we work
  • Astana
  • Zurich
  • London
Steppe valley below the snow-capped Tian Shan mountains

Why Central Asia

From resources to returns: providing structured finance and commodity facilitation.

Central Asia, and Kazakhstan in particular, is emerging as a critical hub for the global supply of strategic minerals, supported by both resource depth and sustained international investment. Kazakhstan is expanding its geologically studied territory to 2.2 million square kilometres, improving the visibility and commercial viability of new discoveries.

This momentum meets accelerating global demand for critical minerals, driven by the energy transition and industrial decarbonisation targets. Net-zero scenarios point to steep growth in demand for copper, nickel, lithium and zinc, and Central Asia’s diversified mineral base positions the region to meet it as supply chains rebalance.

Located at the crossroads of China, Europe and the Middle East, the region offers land-linked trade routes. Investor-friendly legal frameworks and financial infrastructure such as the Astana International Exchange and the AIFC Court have strengthened its appeal to long-term, governance-aligned capital.

Kazakhstan at a glance

40%+
of global uranium production
12%+
of GDP from mining in 2024
19/34
EU critical raw materials produced or processed
Top 10
global copper producer, with 3.2% of world output
2x
foreign direct investment in mining over five years, reaching USD 3bn

Sources: AIFC analytical report on Kazakhstan’s mining sector (October 2025); The Astana Times (February 2024); Government of the Republic of Kazakhstan.

Our mission

We aim to be Central Asia’s premier private credit arranger, structured finance advisor and commodity transaction facilitator, unlocking the region’s resource potential.

CARF supports Kazakhstan’s 2050 Strategy for export diversification by facilitating the development of critical minerals such as copper, gold, polymetallic deposits, phosphate, manganese, lithium and rare earths.

That means addressing the market gaps that hold good assets back: outdated reporting standards, insufficient financial structuring and limited access to international private credit.

The goal is to convert non-bankable assets into financeable opportunities, so that governments, operators and investors can accelerate extraction, processing and export capacity.

Our mandate

We structure, advise and facilitate transactions that turn resources into bankable, scalable projects.

CARF acts as an intermediary and structuring partner between asset owners, capital providers and end-buyers. Our mandate runs through three core activities.

CARF

  • Structure

    • Private credit
    • Project finance
    • Hybrid instruments

  • Advise

    • End-to-end advisory
    • Bankability analysis
    • Market entry framework

  • Facilitate

    • Commodity transactions
    • Trade finance
    • Offtake agreements

This end-to-end role means deals are not only financed but positioned for long-term operational and financial success.

Ways to work with CARF

Choose the track that fits your side of the transaction.

Container ship leaving a commodity port

Trade finance

For exporters, importers, traders and offtakers

Letters of credit, standby letters of credit, pre-export, inventory and offtake financing, structured by CARF and placed with regulated banking partners.

Explore trade finance
Mining haul truck at an open-pit mine

Capital partners

For family offices, private equity and private credit firms, and sovereign funds

Access to vetted, finance-ready mineral assets in Kazakhstan, packaged with full technical, legal and financial structuring before introduction.

Explore capital partnerships

Governance and compliance

We are an AIFC-registered company working within a legal framework based on English common law, giving international partners a credible, enforceable platform.

  • Foundational structure. Incorporated in the Astana International Financial Centre to reduce jurisdictional risk and build stakeholder confidence.
  • Enforceability. Access to the AIFC Court and the International Arbitration Centre, with internationally recognised enforcement mechanisms.
  • Counterparty discipline. KYC and AML checks on every counterparty, and verification of the commodity or asset, before a transaction proceeds.

Regulatory status. CARF does not carry on regulated financial activities. We do not issue financial instruments, accept deposits or deploy principal capital: instruments are issued, and capital is provided, by regulated banks and capital partners. Our registration can be checked on the public register of the Astana Financial Services Authority (AFSA).

Leadership

Experienced leadership within finance and geopolitics.

  • Portrait of Douglas Jones Jr.

    Douglas Jones Jr.

    Chief Executive Officer

    • 15+ years of international experience
    • Former U.S. Department of State and Department of Defense
    • Leads strategy, investor relations and high-level partnerships
  • Portrait of Roman Smagulov

    Roman Smagulov

    Co-Founder and Partner

    • Leads origination, market intelligence and first contact with counterparties
    • 5+ years in financial structuring and corporate finance
    • Expertise in digital asset applications for supply chains
    • Based in Zurich and Astana
  • Portrait of Assylzat Ashimbek

    Assylzat Ashimbek

    Non-Executive Director

    • 5+ years as a director of a leading Central Asian hedge fund
    • Director of a bank in Liechtenstein
    • Nominated as a World Economic Forum Global Shaper

Who CARF works with

Our partners and collaborators span government, finance and industry.

  • Government and state-owned enterprises

    Engagement with ministries and authorities for project alignment and support.

  • Banks and financial institutions

    Sourcing capital and facilitating trade finance arrangements.

  • Strategic partners and large corporates

    Mineral deposit holders, exporters and importers in commodity trading, and offtakers.

  • Broader network

    Connections in Switzerland, Liechtenstein, the UAE, the UK and the USA.

Astana skyline with the Baiterek tower

Partner with CARF

CARF invites ministries, institutions, banks and strategic partners to explore collaboration in Central Asia’s resource sector.

Engage with us to discuss advisory services, financing arrangements or trade facilitation tailored to your objectives. For partnership enquiries, contact Douglas Jones Jr., Chief Executive Officer.

CARF Ltd.
Turan Avenue 39A, Office 1
Nura district, 010000 Astana, Kazakhstan