Green Finance Centre is working on the creation of the first rating and analytical agency in the jurisdiction of the AIFC
The AIFC Green Finance Centre continues to implement the initiative to form a pool of participants in the sustainable finance market and develop the financial market of Kazakhstan and Central Asia as a whole.
In international practice, credit rating agencies have been an important element of the financial market for a long time. At the same time, the position of the rating and analytics segments in the Republic of Kazakhstan is at the initial stage, in connection with which, the Concept of the development of the financial sector of the Republic of Kazakhstan until 2030 noted the need to develop these areas.
The services of credit rating agencies are used by issuers when issuing and placing securities, individual and institutional investors, as well as government agencies for regulatory purposes.
At the same time, based on practice, today not all issuers have the ability to attract international rating agencies to assign credit ratings.
In this regard, AIFC Green Finance Centre, in order to develop the “internal” credit rating market, is working on the issue of creating a company providing rating and analytical services.
The development of a methodology for assigning ESG ratings will be the starting point of the company’s activities. It is planned that in the future the agency will provide the following services:
– Assignment of credit ratings;
– Research and analytics;
– Rankings.
As of today, based on the results of ongoing negotiations, the main partners have been identified, as well as the platform of the future company. The presentation of the agency is planned in June this year within the framework of Astana Finance Days.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus.
www.aifc.kz
The AIFC Green Finance Centre is a subsidiary organisation of the AIFC Authority and the Eurasian Development Bank, aimed at introduction and development of sustainable finance instruments and attracting of investments in environmental and social projects in Kazakhstan and Central Asia.
The AIFC Green Finance Centre supported the very first issuance of green bonds and first verified green loan in Kazakhstan. Also, the Centre introduced definitions of green finance and green taxonomy (a classifier of economic activities and projects that meet technical selection criteria) in the national environmental legislation. The new legislation provides incentives for entrepreneurs who use green finance instruments.
