On January 18, Saipro Group became the first private company in Uzbekistan to issue “green” bonds, which are valued at UZS 50bn ($4mn) (par value - UZS 50mn ($4,047)/pc). The Direct Investment Fund of the Republic of Uzbekistan (UzDIF) supported this initiative and became the first investor, purchasing more than 10% of the issued green bonds, NAPP reports.
Meeting International Standards
The bond issued by Saipro Group should meet all international criteria for “green” financing. This is confirmed by a certificate issued by the Green Finance Center AIFC, a leading organization for the verification of sustainable financial instruments in Central Asia and Eastern Europe. To obtain this certification, Saipro Group, in collaboration with specialists from the Direct Investment Fund, developed internal documents, regulations, and procedures in accordance with international principles and standards.
Embracing Green Finance
Saipro Group views green finance as the optimal way to raise funds for transitioning to a low-carbon economy, preserving the environment, and conducting financial transactions that establish strong links between capital and social, environmental, and governance company responsibility (ESG). This certification opens up several new opportunities for Saipro Group, such as issuing “green” bonds, obtaining “green” loans, and implementing “green” project financing.
Green Hills Resort Project
Through its subsidiary, Saipro Group has begun implementing the second stage of the project for the construction of the Green Hills Resort mountain resort, located in the Bostanlyk district of the Tashkent region. The company plans to significantly expand the resort’s infrastructure. It intends to introduce several additional environmental and sustainable methods and technologies to minimize the impact on the environment. This includes the use of renewable energy sources (RES) to generate electricity, the introduction of a waste disposal system, and the installation of treatment facilities, technologies, and equipment for drinking water and wastewater. The company also plans to implement irrigation systems that meet all environmental standards.
In line with the project, the company also plans to create lavender and damask rose plantations, gardens, and forests on non-irrigated land plots located near the resort. They will organize camping and picnic areas, trails, and paths for cycling.
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