Uzbekistan-based investment company Alkes Research has signed a memorandum of understanding with the Astana International Financial Centre (AIFC) Green Finance Center, marking a significant move in the promotion of green finance within the region, Daryo reports in exclusive interview.
Odil Musaev, Managing Director of Alkes Research, pointed out the importance of the memorandum with the AIFC Green Finance Center saying,
"The signing of the memorandum with AIFC Green Finance Center is an important event for both our company and the local capital market. Together with our partners, we aim to cope with the challenges of climate change and ensure sustainable growth in the region by developing green financial instruments."
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The development of sustainable finance within Uzbekistan is expected to serve as an additional incentive to attract international institutional investors to the country and build a green economy. Data from the World Bank indicates that as of Q2 2023, the cumulative value of green, social, sustainability, and sustainability-linked bonds issued had reached a staggering $4.4 trillion.
Odil also mentioned that, "With the support of the AIFC Green Finance Centre, the total volume of the sustainable finance market in Kazakhstan has reached almost USD 600 million, which confirms the potential for development of this segment of the capital market in Uzbekistan."
"It should also be noted that the AIFC GFC team already has successful cases of implementation of its expertise in the region. Thus, with the support of AIFC GFC, two banks have successfully placed green bonds on the Kyrgyz Stock Exchange. I am confident that this experience will be useful for the development of green financial infrastructure in Uzbekistan.
We are very grateful to the AIFC GFC team for their interest in our country and look forward to further cooperation and fruitful interaction to achieve common goals," added Odil.
Manas Gizhduaniyev, Deputy CEO of the AIFC Green Finance Centre, emphasized that the partnership with Alkes Research would stimulate the issuance of green and social bonds in Uzbekistan. This collaboration is expected to breathe new life into the investment landscape, attracting investments into green and social projects in Uzbekistan and Central Asia.
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"The development of local currency bond market is one of the key steps to mobilize resources to finance the planned transition to a low-carbon and resource-efficient economy and achieve the targets of Uzbekistan's NDC," Manas mentioned.
This strategic partnership underlines the increasing momentum for green finance and sustainability within the region, signifying a commitment to addressing environmental and social challenges while fostering economic growth in Central Asia. With Uzbekistan's involvement, this region is poised to make substantial progress in the development of green finance.
Alkes Research is a well-established investment banking and advisory firm in Uzbekistan, and it holds the distinction of being the first financial institution from Uzbekistan to join the United Nations Global Compact. The company is cognizant of the social and environmental implications of investment services and is committed to creating value that aligns with and contributes to the successful attainment of the United Nations Sustainable Development Goals (UN SDGs).
The AIFC Green Finance Center, situated in Kazakhstan, is dedicated to the development and advancement of green finance within Kazakhstan and the broader Central Asian area. Its mission includes providing comprehensive support to potential bond issuers, investors, and market players as they prepare to issue green bonds on various exchanges. Notably, the AIFC GFC is the sole organization in Central Asia to have garnered accreditation from both the International Capital Markets Association (ICMA) and the Climate Bonds Initiative.
#DaryoExclusive: #Alkes #Research and @AIFC #GreenFinanceCenter join forces to promote #green finance in #CentralAsia
🇺🇿🌱💸#Alkes Research's #memorandum with #AIFC #GreenFinanceCenter marks a significant #stride in promoting green #finance, fostering #sustainability, and… pic.twitter.com/WiTPXLb130
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