AIFC Green Finance Centre Issues Independent Second Party Opinion for Central Asia’s First Sovereign Sustainable Finance Framework of Tajikistan
The AIFC Green Finance Centre (AIFC GFC) has issued an independent Second Party Opinion (SPO) for the Sovereign Sustainable Finance Framework of the Republic of Tajikistan. The Centre confirmed the Framework’s alignment with leading international sustainable finance standards and assigned it an “Excellent” rating — the highest possible assessment under its proprietary methodology.
The assessment marks an important milestone in the development of sovereign sustainable finance in Central Asia and supports the preparation for the inaugural sovereign green bond issuance of the Republic of Tajikistan.
The Sovereign Sustainable Finance Framework of the Republic of Tajikistan was developed by the Ministry of Finance of the Republic of Tajikistan with the support of the World Bank Group’s Sustainable Finance Advisory Programme. The preparation of the Second Party Opinion was funded by the Technical Assistance Fund of the Eurasian Development Bank (EDB). The Fund supports the preparation and structuring of investment projects in the Bank’s member states, ensuring their alignment with international standards and their readiness for investor due diligence.
As part of its independent assessment, the AIFC GFC evaluated the Framework against internationally recognised market standards, including the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) of the International Capital Market Association (ICMA), as well as the Green Loan Principles (GLP) and Social Loan Principles (SLP).
The assessment confirmed that the Framework establishes a transparent project evaluation and selection process, an effective mechanism for managing bond proceeds, and a comprehensive approach to reporting and disclosure in line with international market best practices.
The Framework provides a comprehensive basis for issuing green, social, and sustainability financial instruments. Proceeds will be allocated to finance projects across a broad range of environmental and social sectors, including renewable energy, energy efficiency, clean transportation, sustainable water and wastewater management, climate change adaptation, biodiversity conservation, healthcare, education, affordable housing, job creation, and social protection.
Faiziddin Sattor Kahhorzoda, Minister of Finance of the Republic of Tajikistan
“The approval of the Sovereign Sustainable Finance Framework marks a significant milestone in the development of the Republic of Tajikistan’s public financial management system. The Framework fully aligns with international standards and reflects the Government’s commitment to creating an enabling environment for mobilizing sustainable finance based on transparency and the principles of sound public financial management. Its implementation will expand financing opportunities for projects that promote sustainable economic growth, strengthen social infrastructure, improve energy efficiency, and enhance the country’s resilience to climate change.”
Vladimir Yakunin, Country Director for Tajikistan, Eurasian Development Bank:
“We congratulate the Government of the Republic of Tajikistan on the publication of its Sovereign Sustainable Finance Framework and the accompanying independent Second Party Opinion, marking an important step in the development of the country’s sustainable finance market. We are pleased to support the Ministry of Finance in establishing a solid foundation for Tajikistan’s inaugural sovereign green bond issuance. This initiative will help strengthen investor confidence, mobilise financing for environmentally sustainable development on a transparent and credible basis, and support Tajikistan’s transition towards a greener and more climate-resilient economy.”
Manas Gizhduaniyev, Chief Executive Officer of the AIFC Green Finance Centre, said:
“We are proud to have prepared the independent Second Party Opinion for the Sovereign Sustainable Finance Framework of the Republic of Tajikistan and to have assigned it our highest rating — ‘Excellent’. Our assessment confirms the Framework’s high level of alignment with international sustainable finance principles, its robust governance arrangements, and its transparent and credible approach to project selection, management of bond proceeds, and reporting.
This Framework represents an important milestone not only for Tajikistan but also for the further development of sustainable finance across Central Asia. We are confident that it will strengthen investor confidence, expand access to international sustainable capital markets, and serve as a benchmark for future sovereign sustainable finance issuances across the region.”
The preparation of this opinion further strengthens the position of the AIFC Green Finance Centre as a leading provider of advisory and external review services in sustainable finance across Central Asia. As an External Review Provider recognised by the International Capital Market Association (ICMA) and an Approved Verifier under the Climate Bonds Standard, the AIFC GFC supports governments, financial institutions, and corporate clients in accessing international sustainable capital markets.
About the AIFC Green Finance Centre
The AIFC Green Finance Centre (AIFC GFC) is a regional centre of excellence in sustainable finance and ESG established within the Astana International Financial Centre (AIFC). The Centre provides advisory services, including the preparation of independent opinions, verification services, taxonomy development, and capacity-building programmes for government authorities, financial institutions, and corporate clients across Central Asia and neighbouring regions.
The AIFC GFC is the only organisation in Central Asia recognised by the International Capital Market Association (ICMA) as an External Review Provider and accredited as an Approved Verifier under the Climate Bonds Standard.
