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The AIFC Green Finance Centre (AIFC GFC) and JSC “Kazakhstan operator of electricity and power market” (JSC “KOREM”) signed a Memorandum of Cooperation in the field of green finance and promoting green economy.

The joint activities of the parties, within the framework of the Memorandum, are aimed at promoting the development of the market for green financial instruments in Kazakhstan and the Central Asian region, as well as exchanging experience and knowledge through participation in seminars, conferences, business forums and other events.

In 2018, an auction trading mechanism was introduced in Kazakhstan, aimed at selecting renewable energy projects. KOREM JSC, being the organizer of the auction, takes an active part in the transition to green technologies and increasing the share of renewable energy in Kazakhstan.

Bakytzhan Ilyas, Chairman of the Management Board of KOREM JSC:

“Collaboration with AIFC GFC will have a beneficial impact for each side in terms of financing and providing technical support for green finance, providing advisory and regulatory information, and will strengthen mutual trust.”

Asel Nurakhmetova, CEO of AIFC GFC:

“We are pleased to establish cooperation with KOREM JSC, which as a national electric energy market operator, provides technical support for electronic bidding for the selection of renewable energy projects, thereby making a significant contribution to the development of the country's green energy. AIFC GFC, in turn, expresses a high degree of interest in creating a sustainable market for green financial instruments in Kazakhstan, which allows attracting cheap funds for the implementation of specific green projects. We hope that this cooperation will give a new impetus to attract investment in green projects of Kazakhstan and Central Asia, and the development of the green finance market.”

AIFC GFC 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.

Reference:

AIFC. The Astana International Financial Center (AIFC) was created on the initiative of the First President of the Republic of Kazakhstan, Elbasy Nursultan Nazarbayev. The constitutional law “On the AIFC” was signed on December 7, 2015. AIFC's goal is to form a leading center of financial services at the international level. AIFC objectives are to assist in attracting investment in the country's economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets. www.aifc.kz.

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. https://gfc.aifc.kz/.

KOREM JSC is an organization established in accordance with the Decree of the Government of the Republic of Kazakhstan dated April 20, 2000 No. 606 “On additional measures to enhance efficiency of the electricity and power market in the Republic of Kazakhstan” with a view to further enhance efficiency of the wholesale market of electric energy and power. http://www.korem.kz.