Kazakhstan has great potential to use high environmental standards in practice - AIFC

Kazakhstan has great potential to use high environmental standards in practice - AIFC

BAKU, Azerbaijan, Nov. 27

Trend:

The Kazakh financial institutions have great potential to use high environmental standards in lending and investment practice, the Astana International Financial Center (AIFC) told Trend.

"President of Kazakhstan Kassym-Jomart Tokayev announced about the intention to achieve carbon neutrality by 2060," AIFC said. "This intention was announced on December 12, 2020 within the Climate Ambition Summit, organized by the UN Secretary General, timed to the anniversary of the signing of the Paris Agreement."

"The sustainable finance instruments play a key role in achieving this goal and in transition to the green economy," the message said. "So, despite Kazakhstan is at the initial stage of development of 'green finance', Nur-Sultan city ranked first in Eastern Europe and Central Asia in April and October 2021 according to the Global Green Finance Index (GGFI)."

Besides this achievement, the Kazakh financial institutions have issued a total of six green and social bonds, as well as one green loan over the past year (since August 2020).

"The stable bond market volume exceeded $100 million in Kazakhstan as of early November 2021," the Astana International Financial Center said.

According to the message, Damu Entrepreneurship Development Fund JSC through the support of the United Nations Development Program (UNDP) successfully placed green bonds on the AIX exchange with a coupon rate of 11.75 percent and a circulation period of three years in 2020.

"The AIFC Green Finance Center supported the project by giving the second party opinion and the necessary advice," the message said. "This was followed by the green bonds of the Asian Development Bank, social bonds of the Eurasian Development Bank and others."

"The second-tier banks in Kazakhstan are at the very beginning of the path of introducing sustainable financial instruments," a representative of the AIFC said.

"Eurasian Bank, in partnership with the MasterCard payment system, issued the first card in Kazakhstan made of recycled plastic - eco-card in June 2021," a representative of the AIFC added.

According to the message, the bank sends 0.5 percent of bonuses from non-cash transactions for using an eco-card to the Eurasian Environmental Fund, established by the AIFC Green Finance Center for eco-projects in Kazakhstan.

"Moreover, the Eurasian Development Bank and Batys Transit JSC signed an agreement on a green loan to finance the construction and operation of street lighting systems in Atyrau city," the AIFC said. "The AIFC Green Finance Center supported the project and helped to develop internal documents of Batys Transit JSC, including the Green Finance Concept."

"The European Bank for Reconstruction and Development (EBRD) launched a $30 million Green Economy Financing Facility (GEFF) in Kazakhstan in 2020 to support gender-responsive green finance for households and small private companies investing in solutions related to the environmentally friendly technologies," a representative of the AIFC added.

According to the message, EBRD and Bank CenterCredit signed an agreement on credit line for the development of green economy in the amount of $20 million in July 2021.

"This project is aimed at financing energy efficient modernization of enterprises and residential real estate in which environmentally friendly materials and technologies are used," the message said.

Subscribe to Trend in Google News! Subscribe
Azerbaijan, Georgia to conduct joint tourist trips
Azerbaijan, Georgia to conduct joint tourist trips
Georgia, Azerbaijan discuss attracting tourists to South Caucasus
Georgia, Azerbaijan discuss attracting tourists to South Caucasus
Iran discloses data on tourists visiting country
Iran discloses data on tourists visiting country
Loading Bars
Latest
Turkmen-Turkish bank opens tender for audit
Russian Rosselkhoznadzor reveals volume of products supplied to Uzbekistan
Construction of Rasht-Astara railway is biggest factor in activating North-South Corridor - minister
Georgia reports new record high COVID-19 cases
Uzbek National Bank signs loan agreement with AIIB
Iranian companies to start work on specific projects in Azerbaijan's Karabakh - MFA
Indian sailors on vessel seized by Houthis are safe, govt working for their release: MEA
Iran's Saipa records rise in car manufacturing
Turkmenistan approves hydrogen energy development roadmap
AFD, ADB support Georgia’s water supply reform
Iran Khordo sees decrease in car manufacturing
Azerbaijan's Azersu purchases vehicles, special equipment for servicing settlements in Karabakh region (PHOTO)
Turkmengaz and China’s CNPC to revise financing terms for Galkynysh gas field
Iranian currency rates for January 29
Apple's stock racks up biggest one-day gain since July 2020
Azerbaijan shares mine clearance plans in Karabakh region
Azerbaijan ready to supply more gas to Europe in case of emergency – envoy
Erdogan appoints Bekir Bozdag as Justice Minister
Another passenger bus leaves Baku for Shusha (PHOTO/VIDEO)
U.S. Senator Mitt Romney tests positive for COVID-19
Spain's economy grows by 5 pct in 2021: INE
British PM Johnson eyes Japan visit in Feb.
Turkey's daily COVID-19 caseload hits new high of 93,586
U.S. FAA says Verizon, AT&T can turn on more towers for 5G deployment
Belgium's total COVID-19 infections exceed 3 mln
Biden says he'll send troops to eastern Europe in ‘near term'
U.S. airlines cancel almost 5,000 flights ahead of Nor'easter
Argentina announces debt agreement with IMF
Canada's COVID-19 cases surpass 3 mln
Fake news, disinformation on COVID, is human rights violation: Pope Francis
Tunisia thwarts alleged terrorist attack targeting tourist areas
Turkey welcomes Kyrgyzstan-Tajikistan ceasefire
UN chief calls for observing Olympic Truce
UN thanks Azerbaijan for contributions to budget of organization
Residents of Bina settlement express gratitude to President Ilham Aliyev and First Lady Mehriban Aliyeva for establishment of Training and Service Complex (PHOTO/VIDEO)
Russia expands retaliatory list of EU representatives banned from entering country — MFA
Ten injured after bridge collapses in U.S. city Pittsburgh
Iran deal talks are adjourned until next week — EU
Erdogan to visit Ukraine on Feb 3 as part of mediation efforts
Germany's exports to UK continue to decline in 2021: Destatis
Azerbaijan's Agency for State Support to NGOs, Turkey's Ministry of Interior sign memorandum of co-op (PHOTO)
Embassy of India organised Blood Donation Drive (PHOTO)
Tractor hits mine in Azerbaijan's Fuzuli district
Uzbek Central Bank notes growth in volume of loans issued to individuals
Uzbekistan shares data on loan portfolio of its banks for 2021
Russian veterans urge to check Union of Armenians in Russia regarding film about Garegin Nzhdeh
Azerbaijan's Nakhchivan reveals revenue data from communication and information services
Remains of Armenian soldier found in Azerbaijan's Fuzuli district
GDP of Azerbaijan's Nakhchivan growing
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 3,564 more COVID-19 cases, 1,004 recoveries
Russia allocates credit line for construction of Iran`s Sirik power plant - minister
National Bank of Georgia to adopt regulations for cryptocurrency trading platforms
Azerbaijan’s Nakhchivan discloses loans issued to population
Azerbaijan Entrepreneurship Development Fund to help businesses create corporate governance mechanisms
German RBC consulting company talks achievements in work on Azerbaijani market
Kazakh president calls on Nur Otan party members to focus on some priorities
Iran Oil Industry Pension Fund eyes to invest in oil and energy sectors
Uzbek UzAuto Motors to generate higher revenue in 2022
Azerbaijan’s Buta Airways becomes most active passenger carrier in Georgia
Kazakhstan-based Nostrum unveils oil production indicators for 2021
Turkmenistan assisting in delivery of Turkish humanitarian aid to Afghanistan
Azerbaijan to increase number of bus routes to Karabakh (Exclusive)
Azerbaijan discloses number of passengers of regular bus trips to liberated Shusha, Aghdam
President Ilham Aliyev congratulates president of Kazakhstan on election as chairman of Nur Otan party
Uzbekistan proposes India to develop co-op in healthcare, education and IT
Azerbaijani President Ilham Aliyev signs order on 30th anniversary of Khojaly genocide
Israel signs deal with Novavax for COVID vaccine
Azerbaijan's ANAMA builds new mobile field camp in Aghdam district (PHOTO)
TBC Capital shares data on mortgage loans issuance in Georgia
Turkmen Commodity Exchange discloses data on imports from East Asian countries
SOFAZ places €1 billion deposit with Central Bank of Turkey
Iran seeks to prevent import of luxury goods
India & 5 Central Asian Countries To Form Joint Working Group On Afghanistan
Azerbaijan's foreign trade turnover notably up in 2021
Azerbaijani deputy PM to attend opening ceremony of Olympic Winter Games in Beijing
Uzbekistan sees growth in agricultural production
India for ‘greater urgency’ in trade negotiations with EU, says EAM Jaishankar
Georgia increases textile exports to Turkey
Romanian energy minister to visit Azerbaijan
Azerbaijan records decline in foreign currency sales - chairman of CBA
Georgia’s imports of oil products from Kazakhstan plummet
Turkmenistan to increase electricity supply to Afghanistan
Central Bank of Azerbaijan names allocations made to support national currency rate in 2015
Azerbaijan to build astronomical station in Karabakh region
Use of cryptocurrency not endangering stability of Azerbaijani national currency - CBA
Central Bank of Azerbaijan plans to sign agreement with int’l consulting company
UNIDO to offer expertise for Turkmen energy sector
Central Bank of Azerbaijan names priorities for development of insurance sector
Our first president made huge contribution to strengthening of state - President Tokayev
Nur Otan party should be led by person who was nominated and supported by it in presidential election - Nazarbayev
CBA expects inflation to return to target range Azerbaijan in 2023
Devotion to interests of country has particular importance in politics - Kazakh president
Iran working on connecting of Gilan ports to national railway network
Share of electricity in Azerbaijan’s total exports down
Siraf Pars Port in Iran becomes country's major liquid gas exporter
Global food prices rise to highest level over past decade - FAO (Exclusive)
Decree regulating process of charity on part of big business to be issues in Kazakhstan
French 2021 economic growth strongest in 52 years at 7%
Kazakh-Russian copper deposit dev't project approved by Russia's Main Department of State Expertise
All news