CICA member states intend to strengthen financial cooperation, develop digital technologies and attract investment in joint projects, including green projects. The inaugural meeting of the CICA Finance Summit was held in Astana under the chairmanship of the Astana International Financial Centre. The initiative to establish such a permanent platform was put forward by the President of Kazakhstan in 2022. The new platform is designed to bring together regulators, banks, stock exchanges and development institutions to improve cross-border payments, introduce digital financial technologies, and promote green and sustainable finance. Representatives from 16 member states of the Organization took part in the meeting. They identified priorities for further cooperation based on concrete projects. One practical area of work could be the development of the green bond market. Kazakhstan already has relevant experience and is ready to share it with other countries in the region.
«We are now seeing a large number of private companies in the market issuing green bonds regarding the implementation of environmental projects. Currently, the sustainable finance market in Kazakhstan is approximately 3.9 billion tenge. Overall, this is the largest sustainable finance market in Central Asia in terms of volume. The AIFC Green Finance Centre supported the very first green bond in Kazakhstan, the Kyrgyz Republic, Uzbekistan, and Azerbaijan,» noted Manas Gizhduaniyev, CEO, AIFC Green Finance Centre.
«I am very pleased that today the
member states are opening up a new area, as the Business Council, established
in 2014, is already operating within the CICA. Business forums have also been
held regularly within the framework of CICA since then. I believe that the
Finance Summit is intended to further strengthen economic cooperation among our
member states,» said Kairat Sarybay, CICA Secretary General.
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