The EDB together with the AIFC Green Finance Centre are strengthening the work on the preparation and implementation of green and social projects in Kazakhstan
The Eurasian Development Bank (EDB) together with AIFC Green Finance Centre are strengthening joint work on the preparation and implementation of green and social projects in the Republic of Kazakhstan. The agreement on this was signed today.
The AIFC Green Finance Centre will assist the EDB in finding green and social projects, preparing the necessary documentation for the Bank to consider the possibility of financing them, as well as organizing the issuance of opinions by independent companies on the compliance of projects with the principles of green financing (Second Party Opinion).
In 2020, the EDB and the AIFC Administration became shareholders of the AIFC Green Finance Centre. According to the EDB Strategy for 2022-2026 approved by the Bank’s Board, the EDB, as a multilateral development bank (MDB), will expand its presence in the field of green finance. In accordance with the practices of MDBs, as part of the implementation of green finance development strategies, the Bank plans to actively borrow on the green bond market, attract grant funding, provide “mixed” financing, promote the transfer of innovative technologies, and promote the development of appropriate regulatory policies and procedures.
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The Eurasian Development Bank (EDB) is an international financial organization that carries out investment activities in the Eurasian space. For 15 years, the EDB has been promoting the strengthening and expansion of economic ties and the comprehensive development of the participating countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital of the EDB is US $ 7 billion. The main share in the EDB portfolio is occupied by projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering. In its activities, the Bank is guided by the UN Sustainable Development Goals and the ESG principles.
The Astana International Financial Centre (AIFC) 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 Management council of the AIFC during the council’s meeting on July 2, 2020 approved the Centre’s development strategy until 2025. 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.”
For more information about the AIFC, follow the link www.aifc.kz
The AIFC Green Finance Centre is an AIFC Organisation created to enable the development of green finance in Kazakhstan and Central Asia. The main goal is to bring investments to sustainable economy through trending financial instruments, such as green and social bonds. In addition to that, the AIFC Green Finance Centre, being a regional think-tank, provides strategic and business consulting in green finance and sustainable development to Governments, quasi-state organisations and entrepreneurs. The Centre provides initial assistance to potential issuers, investors and market players on preparations for the issuance of green bonds on the AIFC Exchange (Astana International Exchange).
