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ADB raises funds for climate change adaptation, mitigation projects in Kazakhstan

Business Materials 17 November 2020 14:13 (UTC +04:00)
ADB raises funds for climate change adaptation, mitigation projects in Kazakhstan

BAKU, Azerbaijan, Nov. 17

By Nargiz Sadikhova - Trend:

The Asian Development Bank (ADB) has raised almost 14 billion Kazakh tenge ($32 million) in the first green bonds auctioned and listed on the Kazakhstan Stock Exchange, Trend reports citing ADB.

Proceeds of the bond issued under ADB’s Green Bond Framework will finance ADB’s portfolio of climate change adaptation and mitigation projects in Kazakhstan.

The two-year 10.09 billion tenge ($23.5 million) and 3.87 billion tenge ($9.02 million) bonds pay 10.10 percent and 10.12 percent semi-annual coupons, respectively. Denominated and settled in tenge, the bonds were arranged by Tengri Partners and sold to banks and institutional investors in the domestic market.

“By issuing local-currency green bonds, ADB supports the UN Sustainable Development Goals, mitigates currency risk for our borrowers, and contributes to the development of the Kazakhstan capital market,” said ADB Treasurer Pierre Van Peteghem.

Climate change finance is a core development area for ADB, with $42.5 billion of clean energy investments initiated from 2009 to 2019. ADB has issued more than $8.2 billion of green bonds in 11 currencies.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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