Green Finance Centre and Eurasian Development Bank discussed key directions of cooperation

The CEO of the Green Finance Centre (AIFC GFC, Centre) Aidar Kazybayev and the Chairman of the Management Board of the Eurasian development bank (EDB, Bank) Nikolai Podguzov discussed key directions of cooperation and strategic development plans. The meeting was held at the EDB.

Aidar Kazybayev familiarised Nikolai Podguzov with the activities of the AIFC GFC, the achieved results and plans. He also presented initiatives where the EDB can take part in the implementation as a shareholder of the Centre. Among them, the joint creation with international institutions and programs of the acceleration Centre for green and social projects, as well as the expansion of the competencies of the GFC with the aim to establish the Institute of subsidising sustainable finance.

Kazybayev noted that the Centre has already begun joint work with the Bank on the implementation of projects that will be financed through the issuance of green bonds. The GFC CEO expressed confidence that the EDB will become a leading bank in the field of sustainable finance in the EAEU. In addition, the Chairman of the Management Board of the Bank was invited to join the Advisory Council of Green Finance, the main task of which is to provide expert opinion on the strategic issues of the Centre’s activities. Aidar Kazybayev also suggested the EDB Management Board to consider the possibility of introducing Islamic financing tools, given the growing interest in this area in the region.

The Chairman of the EDB Management Board Nikolai Podguzov emphasised that the Bank sets the task to develop the green and social investment market in the Central Asian region. Therefore, Nikolai Podguzov expressed full support of the initiatives proposed by the CEO of the GFC and accepted the invitation to join the Advisory Council of Green Finance. The Chairman of the Management Board of the Bank also noted the importance of implementing environmental and social projects in the region in order to develop the necessary competence in this area for the EDB, as well as the formation of a pool of green projects together with the Centre for the subsequent creation of an acceleration mechanism.

The parties also exchanged views on the joint development of the capital market in the region.

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The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.
The mission of the AIFC is in assisting the sustainable and long term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.”

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The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.