With support from AIFC Green Finance Centre the first green bonds were issued on the Tashkent Stock Exchange 

In a landmark achievement for Uzbekistan’s sustainable finance sector, the Mortgage Refinancing Company successfully issued the first green bonds on the Tashkent Stock Exchange, with the support of the AIFC Green Finance Centre. This issuance, totaling UZS 50 billion (approximately $4 million), marks a significant step in the country’s commitment to environmental sustainability and green finance. 

The issuance follows recent amendments to Uzbekistan’s securities issuance and registration regulations, which were updated in June 2024 to facilitate sustainable financing efforts. The proceeds from these green bonds will be used to finance and refinance green loans offered by commercial banks, focusing on renovations that employ energy-efficient materials in construction and renovation projects. This initiative will contribute significantly to Uzbekistan’s environmental goals by promoting energy efficiency in the construction sector. 

The AIFC Green Finance Centre provided a positive external review, confirming that the bonds align with the Green Bond Principles established by the International Capital Market Association (ICMA).  

The investment intermediary for this bond issuance is Alkes Research, a local partner of the AIFC Green Finance Centre, which has also signed a Referral Program with AIFC GFC to enhance the market for sustainable finance instruments across Central Asia and Eastern Europe by collaborating to promote green, social, and sustainable finance among potential issuers.