Regional expansion of the AIFC: the first subsidiary of the AIFC Green Finance Centre was established in Kyrgyzstan
Presentation of GFC Bishkek, a joint company, created by the AIFC Green Finance Centre (AIFC CFC), as well as OJSC Aiyl Bank, CJSC Kyrgyz Stock Exchange, Union of Banks of Kyrgyzstan, took place at the site of the Kyrgyz Stock Exchange.
The agreement on establishing the GFC Bishkek company was signed on April 29, 2022, as part of the 10th meeting of the Kazakh-Kyrgyz Intergovernmental Council in Bishkek with the participation of the Prime Ministers of the Parties.
Aidar Kazybaev, General Director of the AIFC GFC, made a presentation on GFC Bishkek. He noted that the primary goal of creating GFC Bishkek is to promote the best practices developed by the AIFC GFC in the field of sustainable financing, as well as the experience of the AIFC itself. The activities of GFC Bishkek on the introduction of sustainable financing instruments will make it possible in the future to include Bishkek in the list of “green” centres of the sustainable development market, also due to the significant potential of Kyrgyzstan to develop a green economy.
Chairman of the Board of OJSC “Aiyl Bank” Bukabaev U.A. noted that “Aiyl Bank” has been working in the field of agricultural lending in Kyrgyzstan for more than 26 years and the green economy for the bank at this stage is one of the most critical development priorities.
Within the event, the signing ceremony of the Memorandum and the Charter of the company by the main shareholders was also held. Representatives of the Kyrgyz business community attended the event.
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.
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.
