Promotion of the AIFC as a leader in the Central Asia region
Chief Executive Officer of the AIFC Green Finance Centre Aidar Kazybayev met with Extraordinary and Plenipotentiary Ambassador of the Kyrgyz Republic to the Republic of Kazakhstan Dastan Dyushekeev.
The Head of the AIFC Green Finance Centre informed Mr. Ambassador about the ongoing work with Kyrgyz partners to create an institution in Kyrgyzstan to promote sustainable financing instruments – a joint company GFC Kyrgyzstan / “Green Finance Centre Kyrgyzstan”. Key financial institutions – Aiyl Bank and the Kyrgyz Stock Exchange have expressed their readiness to act as shareholders and partners from Kyrgyzstan.
Aidar Kazybaev noted that this initiative was born after the visit of the President of Kyrgyzstan Zhaparov Sadyr Nurgozhoevich to the AIFC in March 2021, during his first state visit to the Republic of Kazakhstan. The Head of the Republic of Kyrgyzstan, having visited the AIFC, expressed high interest in attracting the experience of the AIFC Green Finance Centre as an institute for the introduction of green financing instruments in Kyrgyzstan.
In this regard, the AIFC GFC held meetings and negotiations with government agencies and business circles of Kyrgyzstan, following which an agreement was reached on the establishment of a joint company GFC Kyrgyzstan.
The company’s activities will be aimed at the development of new banking instruments, including assistance to Aiyl Bank in the introduction of new products related to sustainable development, assistance to the Kyrgyz Stock Exchange in the introduction of sustainable financing instruments, assistance to the government of Kyrgyzstan in the development of a regulatory framework, including a national green taxonomy, as well as in the training of professional personnel in the sustainable industry.
The announced initiatives found full support from the Head of the diplomatic mission. In particular, Mr. Dyushekeev emphasized that the Government of Kyrgyzstan pays great attention to the development of a green economy, in connection with which assistance from Kazakhstan and the AIFC, specifically, to create an appropriate institutional framework, advising government agencies and assistance in the formation of the necessary regulatory framework and building the competencies of local personnel is a timely and in-demand support.
To date, the AIFC Green Finance Centre has prepared and sent to partners drafts of constituent documents on the establishment of the company, which are proposed to be signed within the upcoming 10th meeting of the Kazakh-Kyrgyz Intergovernmental Council at the end of April this year.
In the future, the company being created can become a platform for providing all the services of the Astana International Financial Centre in Kyrgyzstan as part of its formation and development as a regional financial centre.
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.
