MFO Onlinekazfinance JSC (Solva), with the assistance of the AIFC Green Finance Centre (hereinafter - GFC), made the debut placement of gender bonds in the amount of 6.3 billion tenge on the KASE site with a yield to maturity of 21.5% per annum and a circulation period of two years.
The funds from the placement of these bonds will be used to support women in the business environment in order to expand their opportunities and reduce gender inequality.
According to an external evaluation in the Second-Party Opinion format provided by the GFC, Solva demonstrates an excellent level of management, allocation of funds raised, project selection, reporting and disclosure of information about ongoing projects of social significance.
"We are pleased to welcome the sixth issue of social bonds on the Kazakhstan market. These are the first gender bonds for which an external assessment of the AIFC Green Finance Centre has been provided. This issue proves the viability of the social agenda within the capital market and the need for further elaboration of support measures for the development of the social finance market. The GFC, together with the Ministry of National Economy, is working on a project of the social taxonomy of the Republic of Kazakhstan, which will give an even greater impetus to the development of this market," said Nursultan Serikbai, Director General of the AIFC Green Finance Centre.
Konstantin Barabanov, CEO of Solva Group Ltd. commented: "Inclusive financing and promotion of women's entrepreneurship is a central element of Solva's ESG strategy. We are proud that among more than 60 thousand representatives of small and medium-sized businesses with whom we work, 70% are women entrepreneurs who successfully develop their own business with the support of Solva. We are proud that our retail investors have not stayed away and are showing interest in impact investments. By purchasing gender bonds, our investors not only make a profit, but also directly contribute to the development of women's entrepreneurship in the country, the growth of employment and income of the population."
Freedom Finance JSC became the underwriter for the placement of Solva gender 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. https://aifc.kz/
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.
MFO Onlinekazfinance JSC (Solva) is a leader in the market of unsecured non–bank financing in Kazakhstan. The company offers digital financial solutions for micro, small and medium-sized businesses. Solva has been operating in the Kazakhstan market since 2016, helping clients and partners daily in the implementation of goals, confirming its name in practice (English solve — solve). Since mid-2020, the company has issued micro-loans in the amount of 66 billion tenge to 52 thousand entrepreneurs throughout Kazakhstan.