The AIFC Green Finance Centre will open a branch “GFC Bishkek” in Bishkek city, Kyrgyzstan. The corresponding agreement was signed within the framework of the 10th meeting of the Kazakh-Kyrgyz Intergovernmental Council, with the participation of Prime Minister of the Republic of Kazakhstan Smailov A.A. and Chairman of the Cabinet of Ministers of the Kyrgyz Republic Zhaparov A.U.
“GFC Bishkek” is the first foreign office of the AIFC Green Finance Centre. The co-shareholders of the company in Kyrgyzstan were OJSC "Aiyl Bank", CJSC “Kyrgyz Stock Exchange”, as well as the OLE “Union of Banks of Kyrgyzstan”.
The creation of GFC Bishkek was facilitated by the preliminary work of the Eurasian Development Bank, which is one of the shareholders of the Green Finance Centre. The Head of the EDB Representative Office in Kyrgyzstan, Nurlan Akmatov, organized the negotiation process with state bodies of the Kyrgyz Republic, including with Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan Bakyt Torobayev. During the meeting, issues of cooperation between the Bank and the AIFC with the Government of Kyrgyzstan, including the development of the green finance market, were discussed.
The GFC branch will support the issuance of sustainable (green, social, sustainability related and ESG) bonds and loans; provide consulting support to companies and organizations of the Kyrgyz Republic on business development and optimization; provide investment attraction services, as well as promote other tools and services of the Astana International Financial Centre.
It is planned that in the future the branch will become a platform for the promotion of all AIFC services in the regional market.
In the future, GFC Bishkek will also participate in the process of finding investors and structuring investment transactions in the newly created Industrial trade and logistics center, as well as participate in the project of creating a Financial and Investment Cluster “Bishkek City”.
The creation of GFC Bishkek is a new stage in the development and regional promotion of the Astana International Financial Centre in Kyrgyzstan and the Central Asian region.
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus.
The AIFC Green Finance Centre is a subsidiary organisation of the AIFC Authority and the Eurasian Development Bank, aimed at introduction and development of sustainable finance instruments and attracting of investments in environmental and social projects in Kazakhstan and Central Asia.
The AIFC Green Finance Centre supported the very first issuance of green bonds and first verified green loan in Kazakhstan. Also, the Centre introduced definitions of green finance and green taxonomy (a classifier of economic activities and projects that meet technical selection criteria) in the national environmental legislation. The new legislation provides incentives for entrepreneurs who use green finance instruments.