DUSHANBE, Tajikistan, April 5. Membership in the National Bank of Tajikistan in the Banking and Sustainable Finance Network (SBFN) of the International Financial Corporation (IFC) is an important step to advance the development of the green financing market in the country, SBFN Global Coordinator Rong Zhang said, Trend reports.
According to the bank, the announcement came during discussions between representatives of the IFC, SBFN, and Firdavs Tolibzoda, Chairman of Tajikistan's National Bank.
Rong Zhang underlined that this collaboration solidifies the National Bank of Tajikistan's dedication to integrating environmental, social, and governance (ESG) considerations into the country's financial sector.
She stressed the importance of SBFN member countries, particularly financial institutions, redirecting capital towards endeavors with positive environmental and social impacts to enhance ESG standards.
During the meeting, Chairman Firdavs Tolibzoda highlighted the National Bank of Tajikistan's efforts to incorporate ESG principles and manage climate risks, aiming to foster a robust green financing market.
To note, the National Bank of Tajikistan formally applied to join SBFN with the approval of the Tajikistan government. On December 8, 2023, SBFN officially confirmed the National Bank's membership in the network.
SBFN was established by IFC in 2012 and, as of December 2023, collaborated with 84 banks and industry associations across 66 countries worldwide.
Members of this network collaborate within different thematic working groups at various stages to implement sustainable financing measures, execute national initiatives following international practices, and contribute to the advancement of sustainable financing in their respective countries.