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Launching a study into a green financing system in Kazakhstan

On 27 May 2016 at the 29th meeting of the Foreign Investors Council, the President of Kazakhstan, Nursultan Nazarbayev, noted the need for the development of green financing tools and the creation of favourable conditions for participants engaged in the "green" economy.

At the same time the Astana International Financial Centre (AIFC) agreed with the European Bank for Reconstruction and Development (EBRD) on the development of the Concept of the Green Financial System for Kazakhstan. The project is supported by the Ministry of Economic Affairs and Employment of Finland. It should be noted that green finance involves a wide range of ways to finance green projects and companies related to environmental protection, as well as financial products and services with an environmental component – such as loans and bonds.

In this regard, in order to become familiar with the current situation among the country's green projects and financial sector, as well as to collect information for further analysis of Kazakhstan's needs in green projects and green financing, in December last year, EBRD experts met with the representatives of government agencies, financial institutions and development institutions of Kazakhstan in the cities of Astana and Almaty.

In particular, the expert group met with the Governor of the AIFC, Kairat Kelimbetov, who outlined the key objectives of the project and the AIFC’s vision on the development of green finance in Kazakhstan. Mr. Kelimbetov noted that green finance is a new and promising trend in the global financial industry and outlined the need for the creation of a green finance hub within the AIFC.

It is expected that the Concept of the Green Financial System in Kazakhstan and the road map for its implementation will be developed by the middle of 2017, and presented during the Astana Expo-2017.