The Eurasian Development Bank (EDB) acquired a stake in AIFC Green Finance Centre, Ltd. (“Company”) from the Administration of the Astana International Financial Centre (AIFC). In doing so, the Bank aims to expand its green finance operations.
Having a stake in the Company that specialises in attracting green finance projects and introducing green finance instruments, makes it possible for the Bank, in cooperation with the AIFC, to take an active part in advancing this market in Central Asia, ensures the introduction of new products, and promotes joint research, and capacity building in the area of responsible financing.
“I am confident that cooperation between the AIFC and the EDB will contribute to the development and promotion of green finance instruments in Eurasia. The joint participation of our organisations in the work of AIFC Green Finance Centre will help us to scale up our successful experience in attracting investments for environmental and social projects in EAEU countries and popularise green finance and the green economy as a whole,” said Kairat Kelimbetov, AIFC Governor.
Green projects are among the Bank’s core activities, as set forth by its current mission and Strategy for 2018-2022. The Bank is steadily building up this area of operations, including by taking part in projects that promote renewable energy, energy conservation, energy efficiency, sustainable urban and industrial development, the efficient use of natural resources, the reduction of the greenhouse effect, and waste management.
“The concept of a green economy is becoming increasingly visible globally, and the EDB will make every effort to implement and develop it in our member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. We consider it logical for the Bank to acquire a share in GFC, a company from Kazakhstan. The country pays special attention to the green economy, and the Eurasian Development Bank, by the way, has already taken part in financing renewable energy projects here. These include the construction of the Ereymentau wind farm and solar energy projects. I am positive that now, with the acquisition of a stake in AIFC Green Finance Centre, our operations will expand further,” Nikolai Podguzov, Chairman of the EDB Management Board, said.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
AIFC. The Astana International Financial Centre (AIFC) was set up on the initiative of the First President of Kazakhstan Nursultan Nazarbayev. The Constitutional Law on the AIFC was signed on 7 December 2015. The AIFC’s goal is to form a leading centre of world-class financial services. The objectives of the AIFC are to assist in attracting investments in the country's economy; create an attractive environment for investing in financial services; develop the securities market in Kazakhstan; and ensure its integration with international capital markets. www.aifc.kz
AIFC Green Finance Centre Ltd, is a private company founded under the current law of the Astana International Financial Centre to introduce green finance instruments in Kazakhstan and Central Asia, promote the AIFC as a green finance centre, and attract green investments in Kazakhstan. Read more at www.gfc.aifc.kz.
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