AIFC will assist Azeri commercial bank Unibank in issuing its debut green bonds on the Baku Stock Exchange, QazMonitor reports citing the Centre’s press service.
What happened: On May 1, in Baku, the Green Finance Centre (GFC) representatives from the Astana Financial International Centre and Azeri private bank Unibank signed an agreement. This deal aims to assist the latter in issuing its debut green bonds on the Baku Stock Exchange. The document specifies the GFC's role as a verifier for the Azeri party.
Earlier, on November 28, 2023, the Kazakh party signed a memorandum with Investment Company Unicapital, a subsidiary of Unibank, to develop the sustainable finance market in Azerbaijan.
What it means: Following the Green Bond Principles set by the International Capital Markets Association, the raised funds will support environmentally sustainable projects, promoting a net-zero emissions economy. Unibank's planned issuance marks a significant step forward in Azerbaijan's financial infrastructure development.
GFC: The Green Finance Centre is an organization within AIFC dedicated to fostering green finance in Kazakhstan and Central Asia. Its mission is to attract investments through green and social bonds. Additionally, the GFC offers strategic and business consulting in green finance and sustainable development to governmental, quasi-governmental organizations, and entrepreneurs. It also offers initial support to potential issuers, investors, and market participants in preparing for green bond issuance on the Astana International Exchange.
Unibank: Established in 1992, Unibank is among Azerbaijan's largest private banks. Its current structure, formed on October 15, 2002, resulted from the merger of two leading private commercial banks: MBank and PromTekhBank. In 2020, Unibank served more than 1 million individual and corporate clients nationwide.
