The AIFC Green Finance Centre discussed cooperation with Damu Fund
Aidar Kazybayev, CEO of the AIFC Green Finance Centre (hereinafter – GFC), met with Chairman of the Board of Damu Entrepreneurship Development Fund JSC (hereinafter – Damu) Gaukhar Buribaeva.
During the meeting, A. Kazybayev and G. Buribayev discussed a joint action plan for 2021 to attract investment through the use of innovative financial instruments, such as green and social bonds, as well as new prospects for cooperation in the field of sustainable development. Chairman of Damu also noted that the cooperation of the GFC with the Development Bank of Kazakhstan within the creation of joint projects will be promising for the bigger volume issuance of green bonds.
During the period of cooperation between GFC and Damu, strong business partnerships was developed. The AIFC Green Finance Centre provided an independent conclusion in the form of a second opinion during the successful debut placement of green bonds to Damu in the AIX trading system.
Earlier, in the context of the adoption of the new Environmental Code draft, the AIFC “Authority” proposed projects of accompanying norms to the Business Code of the Republic of Kazakhstan, specifying measures to economically stimulate business in the use of green loans and green bonds, in particular, subsidising the coupon interest rate on green bonds.
GFC and Damu conceptually agreed on the position that the implementation of these measures of financial support for business entities can be carried out using the mechanism applied to other subsidy programs under the State Program for Business Support and Development “Business Roadmap-2025.” Currently, the Majilis has adopted the draft Environmental Code in the first reading, and related legislative acts, including issues of economic stimulation of green financing, are under consideration by the working group under the Majilis.
Reference:
The Astana International Financial Centre 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.”
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