For Press

27/05/2016

The European Bank for Reconstruction and Development (EBRD) and the AIFC signed a letter of intent with regard to Green Financial System for Kazakhstan

Today on the sidelines of the Foreign Investors Council’s plenary session the EBRD President Sir Suma Chakrabarti and the AIFC Governor Kairat Kelimbetov signed a letter of intent with regard to Green Financial System for Kazakhstan.

The study, scheduled to be completed in the middle of 2017, will assess the demand for green investments, identify gaps in current regulations, and make recommendations for the introduction of green financing standards and for the development of the green bonds market and carbon market services.

According to Kairat Kelimbetov, Governor of the AIFC: "AIFC is planning to develop instruments of green financial system on its site. Today we see the rapid development and the reorientation of the economy towards cleaner technologies. In this connection, a high-tech area Astana EXPO-2017 intends to provide the infrastructure in the field of green technology research, while AIFC can participate in its financial component".

Janet Heckman, EBRD Director for Kazakhstan, said: “The EBRD is the largest green financier in its region, and in Kazakhstan we make every effort to support energy efficiency and renewable energy. But we also aim to help the country develop a new way of financing its green economy programme, and we believe the AIFC can spearhead the green financial system development as its unique proposition.”

The Parties noted, that the Concept of the Green Financial System in Kazakhstan and the road map for its implementation will be presented during the Astana Expo-2017.

 Reference:

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

 The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.