GGGI and Kyrgyz Republic sign MOU to develop green bonds

BISHKEK, KYRGYZ REPUBLIC – December 01, 2022 – Global Green Growth Institute (GGGI) entered into a Memorandum of Understanding (MOU), counter-signed by Mr. Beksultan Ibraimov, Deputy Minister of the Ministry of Natural Resources, Ecology and Technical Supervision of Kyrgyz Republic (MONRETS), who is also the National Designated Authority (NDA) for Green Climate Fund (GCF).

By signing this MOU, the government continues to demonstrate its commitment to building a resilient economy that will create opportunities that are inclusive. This was an important milestone, following the NDA’s official endorsement of GGGI as a delivery partner for GCF readiness programme to support Kyrgyz Republic’s access to green and climate finance by developing a green bond market. GGGI will assist the Community Development and Investment Agency (ARIS) of Kyrgyz Republic throughout its GCF accreditation process.

His Excellency deputy Minister Mr. Kanatbek Abdrahmanov emphasized importance of thematic market development in Kyrgyz Republic, in order to catalyze climate finance and investments to promote green and resilient growth. It was further noted that GGGI is well positioned to assist the Kyrgyz government in this regard, given GGGI’s strong track record in facilitating green bonds in GGGI Members, including USD $7.2 billion in green and climate finance mobilization between 2017- 2021.

GGGI’s Asia Regional Director and Head of Programs Dr. Achala Abeysinghe echoed importance of thematic bond market, as it could be one of the key drivers to mobilize the much-needed private finance for climate and green growth actions. GGGI is always there to support the Kyrgyz Republic government in this endeavor.

GGGI will conduct a thematic bond market survey in Kyrgyz Republic, to be completed by December 2022. The findings will be presented to the key stakeholders; and will inform the multiyear GCF readiness support project proposal for submission within the first quarter of 2023.