The EDB signs a trilateral memorandum of understanding with the AIFC Green Finance Centre and Novostal-M
1 November 2021. The Eurasian Development Bank (EDB) signed a memorandum of understanding with the Novostal-M Holding and the AIFC Green Finance Centre to implement joint sustainable development and green finance initiatives. The signing took place as part of Novostal-M’s visit to Kazakhstan arranged by the EDB and the AIFC Green Finance Centre. Novostal-M’s delegation was headed by Ivan Demchenko, Chairman of the holding’s Management Board.
The parties intend to partner in implementing joint sustainable development and green finance initiatives as well as projects run by the Novostal-M group of companies.
“In its investment activities, the EDB focuses on three aspects – sustainable development, integration, and social and environmental responsibility. Today, Novostal-M is taking steps to reduce its negative impact on the environment and implement ESG principles at its facilities and in electrometallurgy as a whole. The Eurasian Development Bank supports such initiatives and stands ready to provide the necessary assistance to the green initiatives of this metallurgical holding,” said Amangeldy Issenov, Vice Chairman of the EDB Management Board.
Additional information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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The Astana International Financial Centre (AIFC) was set up on the initiative of the First President of Kazakhstan, Leader of the Nation, Nursultan Nazarbayev, as part of the Nation's Plan entitled 100 Steps to Implement the Five Institutional Reforms. On 2 July 2020, the AIFC Management Council approved the centre’s development strategy until 2025. The AIFC’s vision set out in the strategy is to become a leading international financial centre in the region that includes Central Asia, the Caucasus, the EAEU countries, Western China, Mongolia, and Eastern Europe.
The AIFC’s mission is to promote the region’s long-term sustainable development. As President Kassym-Jomart Tokayev noted, “With its unique opportunities, the AIFC can be a universal platform linking the region’s countries.” The AIFC’s strategic objectives for sustainable development include the advancement of a circular economy, financial technology, and a digital financial centre. www.aifc.kz
The AIFC Green Finance Centre is an AIFC institution set up to promote green finance in Kazakhstan and Central Asia. Its main objective is to attract investment in a sustainable economy using trendsetting financial instruments such as green and social bonds. In addition, as a regional think tank, the AIFC Green Finance Centre provides policy and business advice on green finance and sustainable development to governments, quasi-governmental organisations, and businesses. The centre assists potential issuers, investors, and market players in preparing for green bond issues on the AIFC Exchange.
Novostal-M is a metallurgical holding company that combines two large industrial enterprises – the Abinsk Electric Steel Works (Krasnodar Region) and the Balakovo Metallurgical Plant (Saratov Region). The holding produces more than 2.8 million tonnes of steel per year. Its main products are rolled steel, wire rods, structural steel, and wires with various types of coating.
The plants employ more than 6,000 people and their aggregate revenue for 2020 totalled RUB 82.9 billion. Both companies are implementing major investment projects and contribute significantly to the metallurgical industry, employment, tax revenues at all levels, and social and economic development.