Representatives of AIFC Green Finance Centre and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market discussed initiatives for the development of the sustainable financing market in Kazakhstan.

Aidar Kazybayev, CEO of the AIFC Green Finance Centre (hereinafter referred to as GFC) and Nurlan Abdrakhmanov, Deputy Chairman of the Agency of Republic of Kazakhstan for Regulation and Development of the Financial Market (hereinafter referred to as ARDFM), discussed initiatives to develop the sustainable financing market in Kazakhstan.

Earlier, the AIFC launched several legislative initiatives to develop a green finance system in the country to unify the conceptual apparatus at the legislative level and to encourage entrepreneurs to use green finance tools. The draft Environmental Code of the Republic of Kazakhstan included the definitions of green financing, green projects, taxonomy, green bonds, and green loans that were proposed by the AIFC.

During the meeting, Aidar Kazybayev stressed that the proposed articles by the GFC on the draft eco-codex of Kazakhstan were approved in the first reading. The CEO of GFC noted that after the document will enter into effect, the role of the ARDFM will increase in specifying measures for the development of the green financial market and developing an appropriate regulatory framework for its participants.

The parties also discussed the development and implementation of sustainable financing practices in the financial sector of Kazakhstan, as well as monitoring tools in the field of green lending and environmental and social risk management.

Reference:

The Astana International Financial Centra 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.” https://aifc.kz/