On June 21, Bishkek hosted the official presentation of the debut green bonds of Dos-Kredobank, registered on June 2 by the State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic. The issue volume amounted to 85 million som (equivalent to 1 million US dollars), the coupon rate is 16% per annum and the circulation period is 3 years.
This issue complies with the green bond issue standard of the International Capital Markets Association (Green Bond Principles of ICMA). The bank plans to use the proceeds from the issue to finance environmentally sustainable projects through concessional lending in four areas: ecotourism, ecocars, ecoagro and ecohouse.
AIFC Green Finance Centre (GFC) provided an external assessment in the SPO format (Second party opinion, see below in the background information), and also provided full support for this issue.
Chairman of the Board of Directors of AIFC Green Finance Centre Daniyar Kelbetov noted: "We are pleased to participate in the issue of the first green bonds in the Kyrgyz Republic. It is particularly gratifying that the issue was carried out by the bank, which is a signatory to the Principles of Green Investments for the Belt and Road (GIP), which reflects Dos-Credobank's commitment to financing projects with pronounced positive environmental and climate effects."
Chairman of the Board of Directors of Dos-Kredobank Nariman uulu Bakyt said: "We strive to develop the green finance sector, and our team is making every effort to introduce new innovative solutions. Our goal is not only to provide profitable investment opportunities, but also to create positive changes for Kyrgyzstan and future generations."
Deputy Minister of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic Azamat Temirkulov, Head of the Economic Development Department of the US Agency for International Development (USAID) in the Kyrgyz Republic Joshua Templeton, Head of the Secretariat of the Principles of Green Investment for the Belt and Road (GIP) Cheng Lin, President of the Kyrgyz Stock Exchange CJSC Medet Nazaraliev, as well as the director of the financial company "Senti" Meerim Askarbekova took part in the solemn presentation ceremony of the issue.
At the time of the official presentation, 67% of the issue volume was placed on the Kyrgyz Stock Exchange. The investors were local financial organizations and retail investors.
Background information:
Second party opinion is an external assessment regarding the issue of green, social or sustainability bonds, in particular, the issuer's policy in the field of green, social or sustainable development bonds, but not to bond issuers. It is an independent opinion on the relative probability that the funds from the placement of bonds will be invested in support of environmental and socio-economic projects indicated by the issuer, and the management and disclosure processes for them comply with the Principles of Green Bonds, the Principles of Social Bonds and the Guidelines of Sustainable Development Bonds.
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan's economy.
AIFC Green Finance Centre Ltd. is a private company established under the existing law of Astana International Financial Centre, established to introduce green financial instruments in Kazakhstan and Central Asia, promote AIFC as a green financial centre, and attract green investments to Kazakhstan. More information about the company is available at the corporate internet resource gfc.aifc.kz.
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