The AIFC Green Finance Centre (AIFC GFC) and EY company (former Ernst & Young) signed a Memorandum of Understanding (MoU) on cooperation and exchange of expertise in the field of sustainable and green financing, including issuance of green and social bonds and their external verification.
The partnership aims to promote the development of sustainable financial activities in Kazakhstan and Central Asia, in particular, cooperation in the development of the green bond market and listing on the Astana International Exchange (AIX).
EY is a leading international consulting and auditing company specializes on advisory in area of green and social bonds issuance, as well as providing their third-party verification.
Mr Victor Kovalenko, EY Director, said: “The “green” bonds market provides incredible opportunities for Kazakhstan. We have a plenty of potential projects which could be potentially funded using this modern financial instrument. The aim is to help our issuers to understand the instrument, its nature, how to apply it and how to bring a trust of global capital markets there”.
AIFC has been working on the development of green finance and green bond market in Kazakhstan and in the region by creating a regulatory framework and introducing legislative standards for the formation of a green financial system of Kazakhstan, providing consulting support for green bond issuers on AIX platform, conducting research in the field of green finance, raising awareness and building capacity among business circles through trainings and a new platform - the annual Green Growth Forum.
Asel Nurakhmetova, CEO of AIFC GFC, said: “AIFC GFC is pleased to establish cooperation with EY, which provides the opportunity to offer our customers, potential issuers, best international practice in preparing documents and verification for issuing green and social bonds on the AIX platform.”
Reference:
AIFC. In December 2015, the First President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law on the establishment of the International Financial Centre Astana (AIFC). The purpose of AIFC is the formation of a leading centre of financial services on international level. For the first time in the post-Soviet space, the principles of English law will be introduced, the official language of the financial centre will be English. AIFC’s tasks are to assist in attracting investments to the country’s economy by creating an attractive environment for investing in financial services, developing the securities market of the Republic of Kazakhstan, ensuring its integration with international capital markets. www.aifc.kz
AIFC GFC is AIFC’s organisation responsible for introduction of green finance instruments in Kazakhstan and Central Asia, promoting Astana International Financial Centre as a green finance hub and attracting green investments into Kazakhstan. For more information, please visit: https://gfc.aifc.kz/
EY is an international leader in auditing, taxation, transaction support and advisory services. EY is an international leader in auditing, taxation, transaction support and advisory services. In 1992, EY was the first among international firms to provide audit and consulting services in Kazakhstan to a wide range of organizations, including transnational corporations, national and private companies operating in various industries. Today, EY practice in Kazakhstan has 700 employees and is represented by three offices - in Almaty, Nur-Sultan and Atyrau. For more information about EY, please visit https://www.ey.com/en_kz
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