The AIFC Green Finance Centre (AIFC GFC) and the Mongolian Sustainable Finance Association (MSFA) signed a Memorandum of Understanding (MoU) for cooperation and knowledge-sharing in the area of sustainable and green finance on April 6, 2020.
The partnership aims to foster sustainable finance activities in Kazakhstan and Mongolia and across Asia, specifically collaborating on green bond market development and listing on the Astana International Exchange (AIX). Furthermore, MSFA and AIFC are joining efforts in sustainable finance public awareness, knowledge creation, policy advocacy and research, and sharing successful practices and experiences between the two countries.
MSFA has been working actively to promote sustainable finance in the Mongolian financial sector starting from a market-based initiative to promote environmental and social risk management standards in banks’ lending activities, to designing Mongolia’s first national green financial institutions, and developing a national sustainable finance roadmap and a green taxonomy.
Ms. Nomindari Enkhtur, CEO of MSFA said, “We are pleased to establish this cooperation with AIFC. While we are facing a difficult time with the COVID-19 outbreak, opportunities lie in how we respond to this situation, plan recovery solutions and prepare for a more resilient future. Sustainable finance has a critical role to play in all these and we believe this partnership with AIFC will contribute to the design of policy responses and financial instruments that address both sustainability and resilience”.
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 glad to cooperate with MSFA in development of the green finance in the region, particularly in this hard time for the whole world, because we believe similarity of our countries in geography and culture makes our mutual knowledge and best practices exchange more effective and applicable in implementation of sustainable policies and green projects for both countries”.
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/
MSFA, an NGO established by banks, is the principal actor in Mongolia facilitating the development of sustainable and green finance towards a vision for Mongolia to become the regional sustainable finance knowledge hub. For more information about MSFA, please visit: http://www.toc.mn
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